NEW DELHI: Red chilli turned hotter at NCDEX as its futures rose up to 3.25% on speculative buying and reports of higher exports this year, analysts said.
“It is just speculative buying and no trader is taking good positions in chilli on Tuesday,” said Hyderabad-based commodity brokerage firm Karvy Comtrade analyst Veeresh Hiremath.
The Spice Board has projected the country’s chilli exports to rise 28% at 1,90,000 tonne in 2007-08, he said, adding that this provided an opportunity to speculate in the commodity’s futures.
Meanwhile, the closure of spot market on account of Makar Sankranti, a harvest festival, also prompted the rally, said an analyst at a Delhi-based commodity brokerage.
At 3 pm, the February delivery of chilli rose by 1.2% at Rs 3,878 per quintal while the March delivery gained 2.92% at Rs 3,880 per quintal. However, the April contract jumped significantly by 3.25% at Rs 3,905 per quintal.
Trade in chilli futures was thin and volume stood at 1,390 tonne. However, analysts said the overall sentiment for chilli futures could be weak because of higher production estimates of around 12 lakh tonne compared to 10.5 lakh tonne produced last year
“It is just speculative buying and no trader is taking good positions in chilli on Tuesday,” said Hyderabad-based commodity brokerage firm Karvy Comtrade analyst Veeresh Hiremath.
The Spice Board has projected the country’s chilli exports to rise 28% at 1,90,000 tonne in 2007-08, he said, adding that this provided an opportunity to speculate in the commodity’s futures.
Meanwhile, the closure of spot market on account of Makar Sankranti, a harvest festival, also prompted the rally, said an analyst at a Delhi-based commodity brokerage.
At 3 pm, the February delivery of chilli rose by 1.2% at Rs 3,878 per quintal while the March delivery gained 2.92% at Rs 3,880 per quintal. However, the April contract jumped significantly by 3.25% at Rs 3,905 per quintal.
Trade in chilli futures was thin and volume stood at 1,390 tonne. However, analysts said the overall sentiment for chilli futures could be weak because of higher production estimates of around 12 lakh tonne compared to 10.5 lakh tonne produced last year
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