Red chilli prices in the Guntur market stood at Rs 12,322 a quintal. Weak domestic demand and higher crop estimation for next year are expected to keep prices under pressure and are expected to trade towards Rs 12,200 a quintal in coming days.
Sugar prices are likely to trade negatively towards Rs 3,540 per quintal from Rs 3,605 at Kolhapur due to impositions of stock limits on millers. The government is trying hard to keep a check on prices. If prices rise then it might ban sugar futures in NCDEX. All these factors will keep stockists and traders away from the market, which will weigh on the sugar prices in the short term.
V-P (research), Edelweiss agri services and credit, Edelweiss Agri Value Chain