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Turmeric Spot Prices Stable to Weak as Futures Fall Sharply

17 Jan 2025 5:08 pm
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New Delhi, January 17 (CommoditiesControl): Turmeric spot prices saw a decline today, reflecting the ongoing weakness in futures markets. Despite lower arrivals, prices in major spot markets were reported to be Rs 200-400 per quintal lower, due to the downward pressure from futures prices and the ongoing harvesting season.

Total arrivals in the major markets were 4,825 bags, down from the previous session's 6,970 bags, as many markets remained closed. Notably, Erode market continued to stay closed but will resume operations on Monday. However, with the reopening of markets and an increase in new crop arrivals, traders anticipate that arrivals will surge in the coming days.

On the NCDEX platform, turmeric futures prices continued their downtrend after a brief increase over the last two sessions. The April contract closed 1.5% lower, while the May contract fell by 2.5%. This followed a sharp decline in the last 3-4 sessions, driven by harvest pressure.

Spot market prices followed suit with the weak trend, with prices trading lower. The moisture content in the new crop is expected to remain high, which may further weigh on prices in the short term.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 13,825
- Nizamabad - NCDEX Unpolished: 13,090
- Sangli - NCDEX Rajapore: 15,835

NCDEX Futures Prices (Rs/Qtl):
- April-25: 14,002 (-214, -1.5%)
- May-25: 14,004 (-362, -2.5%)

Turmeric contract for APR delivery settled at Rs 14002/quintal showing an fall of Rs -214 over previous close of Rs 14216/quintal,The contract moved in the range of Rs 14002-14440 for the day. Open interest decreased by -205 MT to 11315 MT, while trading volume increased by 25 to 1420 MT.

Turmeric contract for MAY delivery settled at Rs 14004/quintal showing an fall of Rs -362 over previous close of Rs 14366/quintal,The contract moved in the range of Rs 14000-14350 for the day. Open interest increased by 130 MT to 620 MT, while trading volume increased by 210 to 370 MT.

Currently The spread between APR and MAY contract is -2 Rs/quintal.

Turmeric stock in NCDEX accredited warehouse as on NA, was 17-Jan-2025 MT

(By Commoditiescontrol Bureau: +91 9820130172)


       
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