Chilli plunges on fresh arrivals

Chilli futures cascaded due to the slow down in demand as well as arrival sentiments. Spot prices traded near Rs 9100 per quintal.
Fresh arrivals were reported near 55000 bags compared with 50000 bags in the previous day.
As per media sources, Domestic market intelligence Cell ( DEMIC) sources told farmers to hold the stock and sell towards May –June to take advantage of better pricing. Rains in December end had badly affected the quality of crop output.
As per market sources, production in 2010-11 were expected near one million tons which is 16 percent lesser than last year production.
Attention of farmers to highly rewarding crop like turmeric and cotton and erratic weather condition during the sowing period had considerably reduced the area under cultivation.
Courtesy: Geojit Comtrade Limited

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Chilli-plunges-on-fresh-arrivals-12726.html)