Business Daily from THE HINDU group of publications
Monday, Jul 23, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Jul 23, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Chilli futures likely to be bearish
Our Bureau Chennai, July 22 Chilli futures and prices are likely to be bearish in the coming weeks despite the start of the festive season ahead. Overseas demand picks up in August and September, while domestic demand too picks up in August. But Chinese crop for 2006-07 is good and therefore, exports to China are unlikely, according to Angel Broking. The firm said sluggish demand coupled with ample supply was keeping the spot market weak and it is likely to reflect in the futures market. Last week, the August contract traded weak and closed during the weekend at Rs 3,830 a quintal. Chana range-bound?
Chana prices are likely to remain within ranges, with a positive bias. Arrivals were down in Madhya Pradesh and Rajasthan, while Maharashtra and Karnataka were witnessing stock shortage besides good demand. Last week, it was rankbound and a slight weakness was witnessed towards the weekend in the futures. Spot prices moved in a narrow range of Rs 2,340-80 a quintal for the Rajasthan variety. On NCDEX, the August contract closed at Rs 2,342. Soyabean oil prices are expected to improve slightly, while guar prices could rule weak in view of projections of heavy rains in the growing areas.
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