Mumbai, May 6 (CommoditiesControl): Turmeric prices faced weakness in major spot markets, driven by subdued demand at elevated price levels and aggressive selling in futures markets, exacerbating pessimism among traders. Prices in key markets registered a decline of Rs 200-600 per quintal, with muted export demand further contributing to the downward pressure.
Arrivals totaled 31,100 bags, down from 32,918 bags in the previous session, as most markets were operational today. However, market sources indicate that arrivals are notably lower by 30-40% compared to previous seasons, signaling a broader trend of reduced supply.
In the NCDEX futures market, turmeric prices experienced a sharp decline for the second consecutive session, primarily due to profit booking at higher price levels. After maintaining a narrow range for the past 8-10 sessions, prices plummeted by 2.3% in the June contract and 2.2% in the August contract. Despite the recent downturn, NCDEX futures prices are anticipated to find support in the coming days.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,445
- Nizamabad - NCDEX Unpolished: 16,462
- Sangli - NCDEX Rajapore: 18,724
NCDEX Future Prices (Rs/Qtl):
- Jun-24: 18,398 (-434, -2.3%)
- Aug-24: 18,920 (-436, -2.2%)
Turmeric contract for JUN delivery settled at Rs 18398/quintal showing an fall of Rs -434 over previous close of Rs 18832/quintal,The contract moved in the range of Rs 18132-18648 for the day. Open interest decreased by -40 MT to 19490 MT, while trading volume decreased by -330 to 3370 MT.
Turmeric contract for AUG delivery settled at Rs 18920/quintal showing an fall of Rs -436 over previous close of Rs 19356/quintal,The contract moved in the range of Rs 18736-19042 for the day. Open interest increased by 155 MT to 1035 MT, while trading volume decreased by -160 to 420 MT.
Currently The spread between JUN and AUG contract is -522 Rs/quintal.
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(By Commoditiescontrol Bureau: +91 9820130172)
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