Mumbai, June 24 (Commodities Control): Turmeric prices across major markets have shown significant weakness over the past week, with a decrease of Rs 200-500 per quintal in all markets except Erode. This decline is attributed to cautious behavior from buyers and stockists, while end users are purchasing based on immediate needs. Additionally, a steep decline in NCDEX markets has exerted further downward pressure on prices.
Arrivals in the markets dropped to 16,673 bags from 18,106 bags in the previous session, as nearly all markets remained open. Market participants are forecasting a 20-25% reduction in production this season compared to last year, which is expected to result in lower arrivals throughout the season.
Despite the weak spot prices, the monsoon season is anticipated to be active in key turmeric-growing regions of South India and Maharashtra. Farmers predict a significant increase in acreage this season, which may influence future supply dynamics.
In the NCDEX markets, turmeric prices continued their downward trend due to increased selling activity. August contracts fell by 1.0%, while October contracts decreased by 0.5%.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,979
- Nizamabad - NCDEX Unpolished: 16,965
- Sangli - NCDEX Rajapore: 18,895
NCDEX Future Prices (Rs/Qtl):
- Aug-24: 17,202 ( -166, -1.0%)
- Oct-24: 18,040 ( -90, -0.5%)
Turmeric contract for AUG delivery settled at Rs 17208/quintal showing an fall of Rs -166 over previous close of Rs 17374/quintal,The contract moved in the range of Rs 16802-17400 for the day. Open interest decreased by -95 MT to 21355 MT, while trading volume decreased by -2695 to 2790 MT.
Turmeric contract for OCT delivery settled at Rs 18040/quintal showing an fall of Rs -90 over previous close of Rs 18130/quintal,The contract moved in the range of Rs 17600-18228 for the day. Open interest was simillar by 0 MT to 1005 MT, while trading volume decreased by -420 to 420 MT.
Currently The spread between AUG and OCT contract is -832 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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