MUMBAI (Commodity Online): Chilli futures rose Wednesday as traders created fresh positions on the back of rising demand in the domestic markets amid limited stocks.
In NCDEX chilli April contract traded at Rs.6232 per quintal, up by 1.13% against the previous close. Open interest of the contract so far is 5210 lots and volume traded is 1310 lots.
Chilli futures traded higher due to low carryover stocks and good demand for the newly arrived crop from the domestic and overseas market.
As per market sources, carryover stocks of chilli are seen at 10000 tonnes, down from 30000 tonnes a year ago. But high chilli output estimates for the current season may cap sharp gains.
India’s total chilli output for the year 2012 is seen at around 1.3 million tonnes, up from near 1.1 million tonnes in the previous year.
