Chilli futures tumble 3% on weak demand, adequate supply

Chilli for delivery in September contract fell by 1.74%

Chilli prices tumbled by 2.75% to Rs 4,948 per quintal in futures market today as speculators trimmed their positions amid a weak demand in the spot market against sufficient supplies.

At the National Commodity and Derivatives Exchange, chilli for delivery in August month tumbled by Rs 140, or 2.75% to Rs 4,948 per quintal with an open interest of 6,075 lots.

Similarly, chilli for delivery in September contract fell by Rs 90, or 1.74% to Rs 5,092 per quintal in 5,985 lots.

Market analysts said offloading of positions by speculators triggered by a weak demand in the spot market against adequate stocks position mainly pulled down chilli prices at futures trade.