Red chilli prices are currently trading at Rs 5,638 per quintal in Guntur market. Demand is expected to remain steady in coming days, and support prices. Prices are expected to move higher towards Rs 5,700 per quintal.
Spot cotton prices in India have risen from the recent lows. Benchmark variety S6 (Shankar6) is quoting at around Rs 39,000 per candy in Gujarat. India's cotton crop is expected to be near record levels, due to very sharp increase in acreage. Spot prices should come under selling pressure once the arrivals pick up post-Diwali. Expect cotton prices to correct to Rs 37,500 or lower in the next couple of weeks.
Prerana Desai, VP-Research -Edelweiss Agri Services and Credit, Edelweiss Agri Value Chain
