The Hindu Business Line : Export demand makes chilli hit upper circuit

Mumbai March 21 Chilli futures on NCDEX hit the upper circuit of six per cent before closing at Rs 4,785 per quintal (5.05 per cent) on expectations of export demand. "Arrivals at the Guntur markets were around 60,000 bags (45 kg per bag) against market expectations of 1 lakh bags. Farmers are holding back in anticipation of a higher price," said a trader.

Chana for April delivery rose 2.51 per cent to Rs 4,785 per quintal, while the May contract gained 3 per cent to Rs 2,199 per quintal. Recent rainfall in North India has affected chana arrivals.

Pepper futures were up 3.44 per cent to Rs 12,940 quintal as prices in Vietnam remained high at $2,450-2,500 on good demand. "Taiwan, Australia and Japan are expected to buy from India as supply has been hit from Malaysia and Indonesia," said an investor.

Jeera rises

Procurement of turmeric by the Andhra Pradesh Marketing Federation has boosted futures on NCDEX by 1.54 per cent to Rs 2,175 per quintal. Jeera futures rose 1.3 per cent to Rs 12,408 pr quintal on supply concerns.

Cardamom futures on MCX were up 3.58 per cent to Rs 477 per kg on short covering. Soya oil, maize and potato futures closed marginally down.

MCX registered a turnover of Rs 3,491 crore (Rs 9,601 crore, up to 11.30 p.m.) up to 5 p.m. on 53,346 (141,049) trades. Active trade was seen in chana, pepper, guarseeds, refined soya oil and jeera.

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