Chilli futures were under heavy downward pressure on the
back of adequate supplies in the physical market. The NCDEX Chilli most active
November contract ended the day at Rs 4840, down Rs 138 or 2.77% from the last
close.
NCDEX Chilli 334 traded steady at Rs 5,200-5,500 per quintal in
the Guntur spot market. The total arrivals jumped to 40,000 bags (5,000 bags of
Khammam teja) from 15,000 bags over previous close.
Fresh arrivals of around 35000-40000 bags of NCDEX chilli have
been in reported in the important mandis of Madhya Pradesh in the last week.
This is likely to be augmented by almost 80000-90000 bags in the coming days.
Moreover, fresh arrivals will also increase from Maharashtra in the coming
15-20 days. This might also add some selling in chilli market. Strong carryover
stocks in the major producing states on the account of sluggish export demand
might also pressurize the prices in the coming days. Traders estimated that
total stocks of around 48-50 lakh bags have been reported in the cold storages
of Andhra Pradesh, Karnataka and Maharashtra.
The NCDEX Chili futures breached the support of Rs 4950-4920 level
and futures ended the day near the session low at Rs 4840, down Rs 138 or 2.77%
from the last close and the open interest 1.70% to 6,895 tonnes, indicating
short selling.
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MCX SILVERM November contract was trading at Rs 45750 up Rs 75, or 0.16 percent. The SILVERM rate touched an intraday high of Rs 45778 and an intraday low of Rs 45550. So far 172 contracts have been traded.
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