New Delhi, March 27 (Commodities Control): Turmeric spot prices have exhibited a mixture of stability and weakness, contrasting with the mostly stable trend of NCDEX futures.
In major spot markets, turmeric prices showed a varied pattern, with some regions experiencing declines while others remained stable. Notably, prices fell in Erode and Nizamabad, while holding steady in other significant markets.
This movement comes amidst a notable surge in arrivals, rebounding after a significant dip attributed to the recent festive holiday. Domestic demand continues to show resilience, although export demand has yet to show signs of significant improvement. Particularly, a substantial uptick in arrivals in Nizamabad exerted downward pressure on prices.
Despite the recent drop in prices, spot demand remains robust. However, trading activity in the turmeric market has been sluggish due to year-end closing procedures and the ongoing Holi festivities. Market observers suggest that the influx of export inquiries could drive prices upwards in the near future.
Arrivals saw a notable increase, reaching 35,500 bags compared to the previous session's 16,500, primarily due to heightened arrivals in Nizamabad and Erode. Despite several Maharashtra markets being closed, Erode reported 10,500 bags, Nizamabad 20,000, and Nanded 5,000 bags. However, arrivals fell short of expectations by 20-30%, largely attributed to reduced output.
Meanwhile, turmeric futures prices on the NCDEX markets remained predominantly stable, accompanied by subdued trading activity. Notable movements were observed in April and June contracts, with prices inching up by 0.1% and 0.2%, respectively.
NCDEX Spot Prices (RS/Qtl)
- Nizamabad - NCDEX Polished: 16,697
- Nizamabad - NCDEX Unpolished: 16,021
- Sangli - NCDEX Rajapore: 18,360
NCDEX Future Prices (RS/Qtl)
- Apr-24: 17,470 (+4, +0.0%)
- Jun-24: 17,900 (+32, +0.2%)
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Turmeric contract for APR delivery settled at Rs 17470/quintal showing an rise of Rs 4 over previous close of Rs 17466/quintal,The contract moved in the range of Rs 17234-17758 for the day. Open interest decreased by -170 MT to 14030 MT, while trading volume decreased by -1810 to 1760 MT
Turmeric contract for JUN delivery settled at Rs 17900/quintal showing an rise of Rs 32 over previous close of Rs 17868/quintal,The contract moved in the range of Rs 17800-18208 for the day. Open interest increased by 220 MT to 4955 MT, while trading volume decreased by -620 to 700 MT.
Currently The spread between APR and JUN contract is -430 Rs/quintal
(By Commoditiescontrol Bureau: +91 9820130172)
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