Chilli regains on fresh buying

The Chilli futures traded on positive note on Wednesday. Futures started the day on positive note on fresh buying in far month contracts amid April contract expiry.
Decline in arrivals at spot market of Guntur supported the upside in prices and futures ended the day with gains of more then 3.5%.
Outlook
Chilli June futures are projected to trade on positive note on follow though buying on Thursday. Arrivals at spot market of Unjha are continuously declining which might support the prices to trade higher.
Arrivals at spot market of Guntur were reported around 40,000-50,000 bags today (Each bag= 40Kg.). Spot market of Guntur will be closed from May, 20th for a month due to rise in mercury levels.
As per news sources, export demand from Bangladesh, Malaysia is good which is supporting the prices.
According to traders, around 40 lakh bags have arrived till now and further 30-40 lakh bags might come till May. As per market sources, fresh crop arrivals are likely to remain till early May.
According to derivative analysis, over the period of time prices and open interest are rising while volumes are falling.
Market is attracting late buyers & early shorts; market is vulnerable to a sharp correction but likely that correction will be bought creating a buy point for uptrend.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/Chilli-regains-on-fresh-buying-23329.html)