Mumbai, 8 July (CommoditiesControl): Chilly prices have shown a weak trend in major markets as moderate rainfall facilitates sowing activity in chilly-growing regions. Sources indicate that acreage is expected to fall by 10% year-on-year from its record high last season. However, given the current local prices, the acreage is predicted to drop by at least 20% this season.
The weak chilly prices are attributed to buyer inactivity across major markets. In Guntur, Khammam, and Warangal, prices for some varieties have dropped. Local traders report that end users are not buying aggressively, which has kept prices stable. Despite this, the export demand is expected to remain flat, exerting upward pressure on prices.
In major markets, chilly prices were generally low for most varieties. The total arrivals were reported at 93,000 bags, an increase of 28,000 bags as all markets were operational today. Guntur recorded 75,000 bags, up 10,000 from the previous session, while Warangal and Khammam reported 8,000 and 10,000 bags, respectively.
Market analysts predict that prices will remain stable with a short-term downward bias due to excess supply. Additionally, the low export demand is likely to limit any significant price increases in the near future.
(By Commoditiescontrol Bureau: +91 9820130172)
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