Chilli futures hit upper circuit on strong demand

NEW DELHI: Buoyed by pick up demand in the spot markets, chilli rose for the third day in a row to hit upper circuit at Rs 6,374 per quintal in futures trade today.

Traders said restricted supplies from producing belts and fresh overseas inquiries fuelled the rise in chilli futures.

At the National Commodity and Derivatives Exchange, chilli for delivery in September rose by Rs 246, or 4.01 per cent, to hit upper circuit at Rs 6,374 per quintal, with an open interest of 3,695 lots.

Similarly, the spice for delivery in August climbed Rs 214, or 3.62 per cent, to Rs 6,128 per quintal, with an open interest of 7,370 lots.

Market analysts said besides strong demand in the spot market supported by festive season, less supplies from producing belts led to an upsurge in chilli prices at futures trade.