Chilli Rises On Short Covering, Weak Crop

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Chilli futures surged on short covering amid reports of weak crop and good demand scenarios. The NCDEX Chilli Teja March delivery ended the day at Rs 8420, up Rs 200 or 2.43% over last close.

New crop arrivals from Andhra Pradesh and Telangana are expected to reach by February end with the overall crop seen down over the previous years. Good export demand is expected to continue for Indian Chilli. The chilli arrivals in the Guntur trading hub is reported at 62,0000 bags with the Teja chilli sold at Rs 7700 per quintal.

The NCDEX Chilli March delivery rose to the high of Rs 8538 level and ended the day at Rs 8420, up Rs 200 or 2.43% over last close and the open interest dipped 20 tonnes to 200 tonnes, indicating short covering.

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