NCDEX chilli slumps, trade between at Rs.5160 – 5330: Karvy

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Chilli futures prices are projected to continue the positive trend on lower level buying. However, overall fundamentals are still weak due to poor export demand along with rising arrivals, which might weigh on prices in near term.

According to trade sources, export demand from neighboring countries is also remaining poor which might have negative impact on prices

As per data released by Spices board, during Apr-Dec, 2011 export of chilli was around 1,53,500 tones down by 19 % Y/Y

Domestic bulk buyers are also staying away from market in anticipation of further fall in prices

Chilli production estimates for this season is estimated around 12.5-13 lakh tonnes v/s 10.5- 11 lakh tones last year

Chilli NCDEX Feb-12 support: 5113 5167 resistance: 5284 5337 Trading Range 5160 – 5330

Source: http://www.commodityonline.com/futures-trading/trading-tips/NCDEX-chilli-slumps-trade-between-at-Rs.5160-5330:-Karvy-17081.html

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