Chilli prices fell by Rs 288 to Rs 8,224 per quintal today as speculators booked profits to cash in on recent gains.
However, lower stock availability following slow arrivals and projections of a lower crop limited the losses in futures trade.
At the National Commodity and Derivatives Exchange, chilli prices -- which had witnessed a steep rise in the past few sessions -- attracted profit-booking at current levels and March futures contracts plunged by Rs 288, or 3.38 per cent, to Rs 8,224 per quintal, with an open interest in 2,870 lots.
In a similar manner, consignments of the spice for April delivery also fell by Rs 272, or 3.20 per cent, to Rs 8,240 per quintal, with an open interest in 1,150 lots, while February futures contracts lost Rs 120, or 1.44 per cent, to Rs 8,236 per quintal, in an open interest in 4,080 lots.
Market analysts said emergence of profit-booking by speculators after recent gains led to the fall in chilli prices in futures trade, but tight stocks in the market and lower crop production estimates cushioned the decline.