Chili Prices Witness Decline Amid Weak Cues, Subdued Demand in Major Markets Noted

Mumbai, March 6 (CommoditiesControl): Chili prices in significant markets have experienced a downward trend, with prices for major varieties recording a widespread decline. Reports indicate a drop ranging from Rs 500 to Rs 1,000 per quintal. Both domestic and export demand were reported to be subdued on the current day. Despite expectations of stabilization due to Ramadan inquiries in the near term, the presence of higher carry-in coupled with an unexpected surge in supply is likely to limit aggressive price growth. Prices continue to remain lower, even with a decrease in arrivals compared to previous sessions.

In the Guntur markets, arrivals were reported at 90,000 bags, marking a decrease of 35,000 bags from the previous session. The Khammam market witnessed arrivals of 45,000 bags, while Warangal reported 70,000 bags. Notably, arrivals in Khammam increased by 5,000 bags, whereas Warangal experienced a substantial increase of 30,000 bags.

Despite the decline in arrivals, weak cues and subdued demand have contributed to the overall dip in chili prices. The market is closely monitoring the interplay between demand, supply, and external factors like Ramadan inquiries to gauge the potential impact on chili prices in the upcoming sessions.

Market analysts suggest that the current market conditions may see stability in the near term due to anticipated Ramadan-related inquiries. However, a careful assessment is required, considering the existing factors influencing the chili market dynamics.