Mumbai, May 17 (Commodities Control): Turmeric prices in the major spot markets have remained mostly stable, with Basmatnagar being a notable exception. In Basmatnagar, a sharp decline over the previous two sessions was attributed to the arrival of lower quality turmeric. However, prices have since recovered due to the influx of higher-quality produce.
Local sources indicate that turmeric prices are under pressure due to weak demand from exporters and end users. Sellers are reluctant to release their produce in anticipation of potential price increases, while stockists are not actively trading, contributing to the current market dynamics.
Recent reports show that 17,800 bags of turmeric arrived in the markets, slightly more than the previous session. Despite this increase, the overall arrivals are still down 30-40% compared to previous seasons, reflecting a lower availability of the spice.
In the futures market, turmeric prices on the NCDEX have continued to fall. Increased selling activity and profit booking have driven prices down, despite initially positive trends during the trading session. By the end of trading, June contracts had decreased by 0.5%, closing at Rs. 17,890 per quintal, while August contracts fell by 0.6%, ending at Rs. 18,400 per quintal. Analysts predict that NCDEX turmeric futures will continue to trade within a range, maintaining a negative bias over the coming days.
Current NCDEX spot prices per quintal are as follows:
- Nizamabad (Polished): Rs. 17,312
- Nizamabad (Unpolished): Rs. 16,377
- Sangli (Rajapore): Rs. 18,808
Turmeric contract for JUN delivery settled at Rs 17890/quintal showing an fall of Rs -98 over previous close of Rs 17988/quintal,The contract moved in the range of Rs 17604-18300 for the day. Open interest decreased by -495 MT to 16505 MT, while trading volume increased by 1050 to 3930 MT.
Turmeric contract for AUG delivery settled at Rs 18400/quintal showing an fall of Rs -102 over previous close of Rs 18502/quintal,The contract moved in the range of Rs 18106-18770 for the day. Open interest increased by 435 MT to 4200 MT, while trading volume increased by 660 to 1185 MT
Currently The spread between JUN and AUG contract is -510 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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