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Chilli prices fell by Rs 288 to Rs 8,224 a quintal on Wednesday as speculators booked profits to cash in on recent gains.
However, lower stock availability following slow arrivals and projections of a lower crop limited the losses in futures trade.
At the National Commodity and Derivatives Exchange, chilli prices - which had witnessed a steep rise in the past few sessions - attracted profit-booking at current levels and March futures contracts plunged by Rs 288, or 3.38 per cent, to Rs 8,224 a quintal, with an open interest in 2,870 lots.
In a similar manner, consignments of the spice for April delivery also fell by Rs 272, or 3.20 per cent, to Rs 8,240 a quintal, with an open interest in 1,150 lots, while February futures contracts lost Rs 120, or 1.44 per cent, to Rs 8,236 a quintal, in an open interest in 4,080 lots.
Market analysts said emergence of profit-booking by speculators after recent gains led to the fall in chilli prices in futures trade, but tight stocks in the market and lower crop production estimates cushioned the decline.
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