Chilli futures gain on increased demand

NEW DELHI: Chilli prices today rose in the futures markets on increased buying by speculators, driven by an expected rise in domestic and overseas demand amidst shortage of quality produce in the spot markets. The most-active far-month December contract for chilli, shot up 1.5 per cent at Rs 5,710 per quintal with a business volume of 180 tons at 1155 hrs at National Commodity and Derivatives Exchange counter. Similarly, October contract was trading 1 per cent higher at Rs 5,476 per quintal. It recorded business volume of 255 tons. Marketmen said pick up in domestic demand on account of festive season and rising prices in the spot markets following lower arrivals, lifted chilli futures prices at NCDEX counter. The country's chilli exports increased to 80,500 tons from 75,525 tons during April-July period. Meanwhile, spot prices of chilli were ruling higher at Rs 5,180.45 per quintal at Guntur, in Andhra Pradesh, India's biggest chilli maarket