Chilli Prices Likely To Beef Up

Chennai: Chilli prices likely to strengthen in the short-term but weaken in the long term. Demand is expected to come in from Bangladesh, Malaysia and Sri Lanka. Last week, chilli September contracts saw a mixed sentiment. Spot prices in Guntur ruled steady to firm. Demand is hoped basically from Bangladesh, Malaysia and Sri Lanka. Thus for the long term (November-December) the prices may weaken whereas in the short term (September-October) the prices may strengthen. The firm said guar futures were likely to rule firm on reports of damage to the standing crop in Ganganagar, Rajasthan, besides insufficient rains in the growing belts. Last week, September contract traded in the range of Rs 1,674-1,823 a quintal. Any increase in output is possible only if the targeted sowing is finished by August 15.