Mumbai, May 14 (Commodities Control): Turmeric spot prices in major markets remained mostly stable, except for Nanded, where prices experienced a decline of Rs 200-250 per quintal. This drop was attributed to the market's reopening after being closed in the previous session. Weak demand from end-users and exporters exerted downward pressure on prices, according to local sources.
Arrivals totaled 11,000 bags, slightly higher than the 10,200 bags recorded in the previous session. Despite the reopening of most markets, arrivals remained nearly unchanged compared to the previous session. Lower arrivals are expected to persist due to a significant reduction in production, with market sources indicating a decrease of 30-40% compared to previous seasons.
In the NCDEX futures market, turmeric prices continued to decline for the fourth consecutive session, driven by profit-taking at higher levels. Prices for June and August contracts fell by 2.0% and 2.2%, respectively. The correction in prices from elevated levels suggests a potential recovery in NCDEX futures in the upcoming days.
NCDEX Spot (RS/Qtl):
- Nizamabad - NCDEX Polished: 17,423
- Nizamabad - NCDEX Unpolished: 16,760
- Sangli - NCDEX Rajapore: 18,457
NCDEX Future (RS/Qtl):
- Jun-24: 17,900 (-360, -2.0%)
- Aug-24: 18,400 (-418, -2.2%)
Turmeric contract for JUN delivery settled at Rs 17900/quintal showing an fall of Rs -360 over previous close of Rs 18260/quintal,The contract moved in the range of Rs 17754-18366 for the day. Open interest decreased by -825 MT to 17915 MT, while trading volume increased by 2810 to 5060 MT.
Turmeric contract for AUG delivery settled at Rs 18400/quintal showing an fall of Rs -418 over previous close of Rs 18818/quintal,The contract moved in the range of Rs 18270-18902 for the day. Open interest increased by 690 MT to 2650 MT, while trading volume increased by 1165 to 1790 MT.
Currently The spread between JUN and AUG contract is -500 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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