Mumbai, May 2 (CommoditiesControl): Turmeric prices in major spot markets exhibited mainly stable trends, with a notable exception in Erode, where prices witnessed an increase of Rs 200-300 per quintal. Strong buying activity among stockists and end users has propelled demand, while export demand has remained subdued due to the uptick in prices.
Arrivals surged to 27,000 bags from 14,800 bags in the previous session, primarily driven by higher arrivals in Sangli, which reported 15,100 bags.
In the NCDEX market, turmeric futures prices saw a marginal recovery in the second session. Prices have been consolidating within a narrow range for the past 7-8 sessions subsequent to their ascent. Notably, prices rose by 0.6% in the August contract while maintaining stability in the June contract. NCDEX futures prices are anticipated to remain supported in the forthcoming days.
NCDEX Spot (Rs/Qtl)
- Nizamabad - NCDEX Polished: 17,773
- Nizamabad - NCDEX Unpolished: 16,703
- Sangli - NCDEX Rajapore: 19,163
NCDEX Future (Rs/Qtl)
- Jun-24: 19,220 (+0, +0.0%)
- Aug-24: 19,620 (+112, +0.6%)
Turmeric contract for JUN delivery settled at Rs 19220/quintal showing an rise of Rs 8 over previous close of Rs 19212/quintal,The contract moved in the range of Rs 18960-19488 for the day. Open interest increased by 100 MT to 19565 MT, while trading volume increased by 2280 to 4190 MT.
Turmeric contract for AUG delivery settled at Rs 19620/quintal showing an rise of Rs 112 over previous close of Rs 19508/quintal,The contract moved in the range of Rs 19444-19920 for the day. Open interest increased by 140 MT to 745 MT, while trading volume increased by 335 to 525 MT.
Currently The spread between JUN and AUG contract is -400 Rs/quintal.
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