The NCDEX Red Chilli futures near month contract are trading with hefty gains for the fourth consecutive trading session on continued heavy short covering ahead of the expiry.
The near month December 2008 contract slumped nearly 13% in the month of December, after hitting the previous bottom level, the near month December contract rallied nearly 17% in the last four sessions on heavy short covering ahead of the expiry.
In the last four trading sessions, the December 2008 contract spurted nearly 17% from the recent low of Rs 4660 per 100 kg. The open interest dropped nearly 44% in the last four trading session to 305 lots as on today from 545 lots as on 15th December 2008.
The December futures currently quotes near the session high at Rs 5425 after spurted nearly 4% to Rs 5459 per 100 from the last close. The volume traded in the contract as of now stood at 220 lots.
The February 2009 contract currently trades marginally lower Rs 4 at Rs 4540 per 100 kg and the open interest open interest remain unchanged at 480 lots. The February futures spurted in the last three trading session.
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