NCDEX chilli plunges on profit taking
Friday, 20 November 2009
MUMBAI, Nov 19 (Commodity Online): Chilli futures plunged Thursday due to the profit taking by speculators, taking the spot market reports. However, chilli exports and prices are expected to rise this winter. Export orders are coming in from Bangladesh, Malaysia and Sri Lanka.
NCDEX chilli December futures slumped 3.53 per cent to the low of Rs 6334 per 100 kg and the open interest dropped 4.31 per cent, indicating profit taking. The counter now quoted at Rs 6,385, down 2.75 per cent over last close.
The demand from the two Asian countries was in addition to regular export orders. India exports nearly 20 per cent of its chilli production. Malaysia, Bangladesh, Sri Lanka, the US and UAE are major markets for Indian chilli.
Chilli, which contributed 40 per cent by volume to India's 470,520 tonne spices exports during 2008-09, has been hit by global economic slowdown.
In 2008-09 India has exported 188,000 tonne of chilli and chilli products valued Rs 10.81 billion as against 209,000 tonnes valued Rs 10.97 billion in 2007-08.
NCDEX chilli December futures slumped 3.53 per cent to the low of Rs 6334 per 100 kg and the open interest dropped 4.31 per cent, indicating profit taking. The counter now quoted at Rs 6,385, down 2.75 per cent over last close.
The demand from the two Asian countries was in addition to regular export orders. India exports nearly 20 per cent of its chilli production. Malaysia, Bangladesh, Sri Lanka, the US and UAE are major markets for Indian chilli.
Chilli, which contributed 40 per cent by volume to India's 470,520 tonne spices exports during 2008-09, has been hit by global economic slowdown.
In 2008-09 India has exported 188,000 tonne of chilli and chilli products valued Rs 10.81 billion as against 209,000 tonnes valued Rs 10.97 billion in 2007-08.