Mumbai, May 21 (Commoditiescontrol): Turmeric prices firmed up significantly in major spot markets today, driven by strong demand at lower price levels. The rise in NCDEX futures during the morning session led to sellers becoming inactive, which further fueled the demand. Prices in various markets saw an increase of Rs 300-700 per quintal.
The current price levels have attracted strong demand following a recent price correction, although export demand remains sluggish.
Arrival reports indicated 12,500 bags of turmeric today, down from the previous session's 17,800 bags. The decline in arrivals is attributed to seller inactivity after the sharp price rise in the futures market. With prices starting to inch higher due to tighter supply, arrivals are expected to remain low. Market participants noted that production this season is reported to be lower by 20-25% year-on-year.
On the NCDEX market, turmeric futures prices locked in the upper circuit due to aggressive buying activity at lower levels. Prices settled up by 6.0% for both the June and August contracts. The June contract rose by Rs 1,072 to settle at Rs 18,952 per quintal, while the August contract increased by Rs 1,102 to close at Rs 19,492 per quintal.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,667
- Nizamabad - NCDEX Unpolished: 16,797
- Sangli - NCDEX Rajapore: 19,250
NCDEX Futures Prices (Rs/Qtl):
- Jun-24: 18,952 (+1,072, +6.0%)
- Aug-24: 19,492 (+1,102, +6.0%)
Turmeric contract for JUN delivery settled at Rs 18952/quintal showing an rise of Rs 1072 over previous close of Rs 17880/quintal,The contract moved in the range of Rs 18040-18952 for the day. Open interest increased by 310 MT to 16815 MT, while trading volume increased by 2525 to 6455 MT.
Currently The spread between JUN and AUG contract is -540 Rs/quintal.
( By Commoditiescontrol Bureau; 9820130172 )
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