Commodity worth weight in gold
The arrival of the new crop of red chillies has started increasing in central-producing states like Andhra Pradesh and Telangana. With this, the arrival of the old crop will likely get stuck. In past weeks chilli has proven to be a commodity worth weight in gold, but the arrival of the new crops does not support the rise in prices anymore.
Current Scenario
The arrival of the new crop of red chillies has now started increasing in major domestic shops in Andhra Pradesh. In Andhra’s Guntur market, the arrival of fresh red chillies was reported to have increased to about 10000-11000 bags. Due to the weakening of buying support, there was a decline of $0,06-$0,12 per kg in red pepper.
Earlier, farmers in Andhra Pradesh and Telangana had restricted the sale of their red chilli crop for some time now in anticipation of higher prices in future. This was the reason that even after the start of the new crop this time, the spot price of this significant grocery commodity remained high.
Brake on the rise
There may be a brake on the rise of red chillies in the next five-seven days. Number 334 red chilli jumped last week due to increased buying by stockists at reduced prices. Market sentiment may be affected due to new crops. In the coming week, there is a possibility of a pause on the rise of red pepper on the spot.
Buying by exporters has also weakened due to higher-than-normal prices. In the coming days, experts opine that as the arrivals will increase, the chances of decrement in prices will also hike.
The Chilli dried long red stemless prices were recorded at $2,70 per kg FOB.
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