Supported by a strong demand at the spot market and estimated lower acreage, chilli prices shot up 2.87% to Rs 8,320 per quintal in the futures trade today on speculators buying.
Lower acreage in Andhra Pradesh and concerns over delay in arrivals in Madhya Pradesh because of unfavourable weather may support chilli futures.
At the National Commodity and Derivatives Exchange, September chilli spurted by Rs 232, or 2.87%, to Rs 8,320 per quintal, with an open interest of 16,445 lots.
The October contract gained Rs 118, or 1.42%, at Rs 8,404 per quintal, with an open interest of 4,765 lots.
Market analysts said the rise in the chilli futures prices was supported by strong spot demand, amid lower arrivals and projected lower acreage.
