Mumbai, June 12 (CommoditiesControl): Chilly prices in major markets reported stability to upward trends in Guntur and Khammam, driven by strong demand. After a decline yesterday, prices in Khammam rebounded today by Rs 500-1,000 per quintal. Local sources indicated that buyers were cautious due to recent rainfall across major chilli growing regions, which created uncertainty about acreage.
The monsoon has now covered the entire chilli growing regions of South India, which is expected to facilitate sowing activities. Despite this, prices remain at multi-year lows, and lower expected acreage is keeping market sentiment high.
Total arrivals were recorded at 77,000 bags, with most coming from cold storage facilities. Guntur saw an increase in arrivals to 65,000 bags, up by 10,000 from the previous session. Khammam reported 12,000 bags, an increase of 4,000 bags from the previous session.
In the short term, prices are expected to remain supported as markets resume operations following the summer break. However, with cold storages filled, indicating ample supply, and low export demand, any aggressive price increase is unlikely to be sustained.
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