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Turmeric Spot Prices Show Mixed Trends; NCDEX Futures Surge

16 Apr 2024 4:50 pm
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Mumbai, April 16 (CommoditiesControl): Turmeric prices witnessed mixed trends in major spot markets, except for Erode, where the Finger variety experienced a decline of Rs 200 per quintal. Prices in Maharashtra's key markets surged by Rs 500-1,000 per quintal, while markets in Andhra Pradesh and Telangana remained stable. Stockists in Andhra and Telangana displayed reluctance in purchasing due to recent price volatility.

Arrivals witnessed a significant drop to 21,400 bags from the previous session's 50,100 bags, indicating a sharp decline across the market. Market participants attribute this decline to stockists or farmers holding onto their stocks in anticipation of imminent price hikes. Notable arrival figures include Nizamabad with 2,000 bags, Erode with 2,500 bags, Duggirala with 400 bags, Sangli with 7,500 bags, and Basmatnagar with 5,000 bags. Arrivals were reported to be 20-30% lower than usual due to notably reduced output.

Turmeric futures prices on the NCDEX rebounded sharply following robust buying activity at lower levels. Prices had experienced a significant decline over the past week, prompting strong buying interest at lower price points. June and August contracts saw a notable increase of 6.0% and 5.9%, respectively. NCDEX futures prices are anticipated to remain supported in the coming days.

NCDEX Spot Prices (RS/Qtl)
- Nizamabad - NCDEX Polished: 16,332
- Nizamabad - NCDEX Unpolished: 15,486
- Sangli - NCDEX Rajapore: 17,900

NCDEX Future Prices (RS/Qtl)
- Jun-24: 17,308 (+978, +6.0%)
- Aug-24: 17,950 (+998, +5.9%)

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