NCDEX Chilli futures hits upper circuit on Monday on short covering by the traders due to firm domestic demand.
In NCDEX chilli April contract closed at Rs.5646 per quintal, up by 4% against the previous close. Open interest of the contract stood at 6165 lots and volume traded is 3370 lots.
As per data released by spices Board, Chilli exports from Apr-11 to Jan-12 were reported at 1,69,500 tones down by 17% Y/Y.
Export demand for Indian chilli is also remaining weak from major importers due to high pesticide residue in Indian chilli, However demand from Bangladesh and other neighboring countries is there in small amount.
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