Mumbai, July 18 (CommoditiesControl): Turmeric prices in the NCDEX markets have recovered for the second session following a drastic fall due to good buying activity at lower price levels. However, futures prices on the NCDEX are still trading at a six-month low. Prices in October contracts improved by 2.4%, while August contracts increased by 2.6%.
Market Summary
- NCDEX October Contract: INR 16,864 (+388, +2.4%)
- NCDEX August Contract: INR 16,150 (+410, +2.6%)
Spot Market Prices
Turmeric prices in major spot markets were reported to be higher, with prices increasing by Rs 200-300 per quintal. The increasing NCDEX prices are supporting the prices in spot markets. Local sources indicate that buyers are adopting a hand-to-mouth approach, keeping prices in check. Additionally, export demand has remained lower for seven months, further influencing price stability.
Spot Market Prices (Rs/Qtl)
- Nizamabad - NCDEX Polished: 16,527
- Nizamabad - NCDEX Unpolished: 15,773
- Sangli - NCDEX Rajapore: 18,056
Market Arrivals
Arrivals were reported at 12,298 bags, sharply up from 2,085 bags in the previous session, as most of the markets were operating. According to farmers, acreage is expected to increase dramatically this season, but if prices remain low, the increase may be smaller than expected.
Overall, the market sentiment appears cautiously optimistic as buyers are active at lower price levels, helping prices recover. However, the long-term outlook may depend on export demand and the actual increase in acreage. If the prices continue to rise, it might encourage more farming activity, but sustained low prices could limit the expected increase in acreage.
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