Wednesday, May 4, 2011
Chilli rises on fresh buying
Chilli futures escalated on buying interest in the counter. Spot prices remained steady and prices traded near Rs 8500 per quintal. Fresh arrivals were declined drastically and reported near 30000 bags compared with 75000 bags in the previous day.
As per media sources, Domestic market intelligence Cell ( DEMIC) sources told farmers to hold the stock and sell towards May –June to take advantage of better pricing.
As per market sources, production in 2010-11 were expected near one million tons which is 16 percent lesser than last year production.
Attention of farmers to highly rewarding crop like turmeric and cotton and erratic weather condition during the sowing period had considerably reduced the area under cultivation.
Courtesy: Geojit Comtrade Limited
(Source: http://www.commodityonline.com/futures-trading/tradingtips/Chilli-rises-on-fresh-buying-12790.html)
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