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Chilli Update

posted Feb 24, 2011, 7:34 PM by NAVYUG Info
Chilli has been on a positive trend for the past few weeks with some correction in middle. Going forward chilli is expected to continue the positive trend for some days to come. Follow through buying on spot cues may support the prices. However, increasing fresh crop arrivals at spot market is likely to pull down the prices though not by much as the overall production this year is expected to be only around 80-90 Lakh bags against 1.5 Crore bags last year. Daily average arrivals at Guntur market were 30,000- 80,000 bags of new crop (each bag=40 kg). NCDEX warehouse stock of Chilli as on 16th February 2011 was only 190 tons.

Market activity might remain disturbed during this week due to local workers are on strike against APMC. Last week also market was closed on Wednesday due to this strike. Nonetheless, overall good demand for old crop stock is likely to limit the losses.