LAST TRADED SESSIONS EXCHANGE COMMENTARY
CHILLI Closing Price
(Rs/Qtl) Change in Price (%) Volume
(MT) Change in Volume (%) OI (MT) Change in OI (%) Traded Value (Lakh Rs)
20-Sep-10 4,131 -0.3 1235 -40 6140 -1 512.30
20-Oct-10 4,428 0.0 300 -61 2180 -2 132.84
19-Nov-10 4,659 -0.5 55 -71 770 1 25.62
TOTAL 1590 -48 9090 -1 671
Recommended to SELL NCDEX CHILLI AT CMP Tg1 3900 tg2 3800
FUNDAMENTAL FACTORS & PRICE DRIVERS
The NCDEX Chilli Futures are expected to trade up on extended buying than prices are likely to resume downtrend. Before resuming the down side prices are likely to trade higher as rains in major growing region of Guntur has affected the market activity. As of now 505 of sowing has been completed in Andhra Pradesh. Reports of improved sowing with favorable weather conditions might support the down side.
Higher stock in cold storages and anticipation of higher production due to increased acreage had a bearish effect on the market. Poor spot market demand also weighed on the market.
As per Andhra Pradesh Ministry of Agriculture, Acreage under chilli sowing has increased to 0.47 lakh hectares from 0.17 lakh hectares in the same period last year
Today Arrivals in Guntur mandi 25 000 to 30 000 bags (40kgs) and price is `3800 to `4200/qtl. Farmers and stockiest holding their stocks in the cold storages, due to heavy rains prices may pick up.
Approximately 50% of sowing is done in and around Guntur.
In Guntur, majority of the cold storages are still full with Chilli stocks. Trade sources report the stock position close to 1.15 crore bags (40Kg) across Andhra Pradesh with 40 to 42 lakhs bags in Guntur alone.
Trade sources also report that the Madhya Pradesh sowing is 90% done, and arrivals may start from November.
CHILLI Closing Price
(Rs/Qtl) Change in Price (%) Volume
(MT) Change in Volume (%) OI (MT) Change in OI (%) Traded Value (Lakh Rs)
20-Sep-10 4,131 -0.3 1235 -40 6140 -1 512.30
20-Oct-10 4,428 0.0 300 -61 2180 -2 132.84
19-Nov-10 4,659 -0.5 55 -71 770 1 25.62
TOTAL 1590 -48 9090 -1 671
Recommended to SELL NCDEX CHILLI AT CMP Tg1 3900 tg2 3800
FUNDAMENTAL FACTORS & PRICE DRIVERS
The NCDEX Chilli Futures are expected to trade up on extended buying than prices are likely to resume downtrend. Before resuming the down side prices are likely to trade higher as rains in major growing region of Guntur has affected the market activity. As of now 505 of sowing has been completed in Andhra Pradesh. Reports of improved sowing with favorable weather conditions might support the down side.
Higher stock in cold storages and anticipation of higher production due to increased acreage had a bearish effect on the market. Poor spot market demand also weighed on the market.
As per Andhra Pradesh Ministry of Agriculture, Acreage under chilli sowing has increased to 0.47 lakh hectares from 0.17 lakh hectares in the same period last year
Today Arrivals in Guntur mandi 25 000 to 30 000 bags (40kgs) and price is `3800 to `4200/qtl. Farmers and stockiest holding their stocks in the cold storages, due to heavy rains prices may pick up.
Approximately 50% of sowing is done in and around Guntur.
In Guntur, majority of the cold storages are still full with Chilli stocks. Trade sources report the stock position close to 1.15 crore bags (40Kg) across Andhra Pradesh with 40 to 42 lakhs bags in Guntur alone.
Trade sources also report that the Madhya Pradesh sowing is 90% done, and arrivals may start from November.
