Mumbai, May 8 (Commodities Control): Turmeric prices in major spot markets displayed mixed trends, with declines noted in Erode and Hingoli, while Warangal and Nizamabad witnessed price increases. Weak demand, particularly at higher price levels, coupled with muted export demand, exerted downward pressure on prices.
Arrivals saw a decline to 14,900 bags from 17,800 bags in the previous session, attributed to the closure of few markets, resulting in overall lower arrivals. Market sources indicate that arrivals are 30-40% lower compared to previous seasons.
In the NCDEX market, turmeric futures prices staged a recovery after a sharp drop in the previous week, driven by strong buying from lower levels. Prices have shown marginal improvement, with a 1.7% rise in June and a 1.4% rise in August contracts. NCDEX futures prices are expected to remain supported in the coming days.
NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 17,445
- Nizamabad - NCDEX Unpolished: 16,462
- Sangli - NCDEX Rajapore: 18,724
NCDEX Future (RS/Qtl)
- Jun-24: 18,780 (+308, +1.7%)
- Aug-24: 19,282 (+280, +1.4%)
Turmeric contract for JUN delivery settled at Rs 18780/quintal showing an rise of Rs 308 over previous close of Rs 18472/quintal,The contract moved in the range of Rs 18150-19100 for the day. Open interest increased by 135 MT to 19725 MT, while trading volume increased by 2125 to 4160 MT.
Turmeric contract for AUG delivery settled at Rs 19282/quintal showing an rise of Rs 280 over previous close of Rs 19002/quintal,The contract moved in the range of Rs 18666-19588 for the day. Open interest increased by 125 MT to 1240 MT, while trading volume increased by 215 to 690 MT.
Currently The spread between JUN and AUG contract is -502 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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