Mumbai, May 9 (CommoditiesControl): Turmeric spot prices remained largely stable across major markets, except for Nizamabad, where Gatha prices experienced a decline of Rs 500 per quintal due to lower-quality arrivals and subdued demand. Despite the increase in arrivals, spot prices managed to hold steady.
Arrivals surged to 30,200 bags compared to 14,900 bags in the previous session, with all markets operational today, resulting in a doubling of overall arrivals. However, market sources indicate that arrivals are still 30% to 40% lower than those seen in previous seasons.
In the NCDEX futures market, turmeric prices witnessed a decline following a minor recovery, driven by profit booking activities at higher levels. Prices dipped by 1.3% in the June contract and 0.9% in the August contract. Nevertheless, due to tight supply conditions, NCDEX futures are anticipated to find support in the upcoming days.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,634
- Nizamabad - NCDEX Unpolished: 16,776
- Sangli - NCDEX Rajapore: 19,132
NCDEX Future Prices (Rs/Qtl):
- Jun-24: 18,630 (-238, -1.3%)
- Aug-24: 19,202 (-178, -0.9%)
Turmeric contract for JUN delivery settled at Rs 18640/quintal showing an fall of Rs -238 over previous close of Rs 18878/quintal,The contract moved in the range of Rs 18630-18950 for the day. Open interest decreased by -155 MT to 19570 MT, while trading volume decreased by -2255 to 1905 MT
Turmeric contract for AUG delivery settled at Rs 19202/quintal showing an fall of Rs -176 over previous close of Rs 19378/quintal,The contract moved in the range of Rs 19184-19420 for the day. Open interest increased by 140 MT to 1380 MT, while trading volume decreased by -210 to 480 MT.
Currently The spread between JUN and AUG contract is -562 Rs/quintal
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