Mumbai, April 22 (CommoditiesControl): Chili prices in major markets have declined amid a surge in arrivals and subdued demand. Market sources indicate that prices have reached multi-year lows due to excess inventory and higher-than-anticipated arrivals.
Demand is reportedly constrained as arrivals continue to rise steadily. Although the market anticipated lower production due to severe drought, the quality of this season's chilies has proven to be superior, resulting in nearly identical yields compared to the previous season.
Arrivals in the Guntur markets have surged to 80,000 bags, marking a notable increase of 30,000 bags from the previous session. Similarly, Warangal and Khammam markets recorded arrivals of 10,000 and 30,000 bags, respectively. While arrivals in Warangal remained stable, Khammam witnessed a surge of 5,000 bags.
Domestic demand is reported to be low, with export demand showing no signs of improvement, thereby exerting downward pressure on prices. Reports suggest that Bangladesh is sourcing chilies from Myanmar and China, diminishing import demand from India. However, the significant decrease in prices from their multi-year lows is anticipated to provide some support to prices in the upcoming sessions.
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(By Commoditiescontrol Bureau: +91 9820130172)
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