NCDEX chilli weakens on production concerns

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MUMBAI (Commodity Online):Chilli futures fell Friday as traders offloaded their positions on the back of subdued demand in the domestic markets amid expectations on higher production in the coming months.

At NCDEX Chana December contract is trading at Rs.6888 per quintal, lower by 1.14 per cent on 15:10 IST against the previous close.

In the morning session the contract traded at a range of Rs.6832-7036 per quintal. Open interest of the contract is 5125 lots and volume traded is 920 lots for the time being.

Reports of export demand from Pakistan and Bangladesh is likely to support the prices. However, overall trend is still weak due to expectations of higher production in coming season which might limit sharp gains.

Andhra Rabi chilli area is reported 0.37 lakh ha as on 7th December v/s 0.39 lakh ha yr ago. Stocks available at spot market are around 8-10 lakh bags.

According to Spices Board data, chilli exports during April- Sep, 2010-11 were down by 35% as compared to the same period last year.

Source: http://www.commodityonline.com/futures-trading/market-report/NCDEX-chilli-weakens-on-production-concerns-26317.html

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