Login ID:
Password:
Partner Login
Contact Us : 7066511911

Turmeric at 5-Year Peak: Traders See Price Rally Far From Over; Firm Demand Expected Until Mid-May

3 Mar 2021 5:52 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) - Shining at Five year highs, firm demand and shortage of good quality supplies is consistently pushing turmeric prices northward in spot and futures markets. Turmeric futures on NCDEX hit 4% upper circuit, for the third straight session, while the most-active futures contract has surged 45% since February 1.

During the week so far, turmeric futures have upped 12%, similar to last week. Futures prices have been closely tracking a spot markets’ trend amid firm demand and fears of lower output in the spot markets.


On Wednesday, the apex Nizamabad mandi registered steady price levels amid unchanged arrivals of 20,000 bags. However, mandis of Erode, Sangli and Nanded have reported price gains for all their respective varieties in the range of Rs 100-400 per Quintal today. Erode mandi, the yellow spice prices rose by Rs 200-400 per Candy for Finger and Gathha variety, amid arrivals of 2,100 bags vs 3,100 bags in the last session. Prices upped Rs 300-500 per Candy in the last session.


The April contract of turmeric on the National Commodity and Derivatives Exchange ended with yet another upper circuit at Rs 9,336/Quintal,hitting past a strong technical chart resistance of Rs 9,000. May futures settled at Rs 9368/Quintal. Futures contracts of Turmeric on the National Commodity and Derivatives Exchange hit the 4% upper circuit for the third straight session due to expectations of a smaller crop in the current season.

In the last session, the most-active April contract of the spice rose 4%, hitting a five-year high of 8,978 rupees per 100 kg.

Unseasonal rain in key turmeric-growing states like Maharashtra, Karnataka and Telangana may hit yield this season, Kotak Securities said in a report. Production is likely to decline 10-15% in the 2020-21 (Jul-Jun) season, and lower carry-forward stock may support prices, market participants said.

Mumbai-based spices trader Pankaj Thakkar reveals, “Rising prices would not deter fierce demand from local buyers, stockists or even exporters, as Holi is just weeks away and Ramadan falls in early this year”. “Demand is here to stay until mid-May and prices can easily head higher by another Rs 10/Kg from here, adds Thakkar.


Commodity

Market

Variety

Price

Price

Prev_Price

Prev_Price

Change(Max Today-Prev Max)

Arrival

Turmeric

Nizamabad

Gattha

7700

7800

7700

7800

0

20000

Turmeric

Nizamabad

Finger

7700

8000

7700

8000

0

Turmeric

Nizamabad

D P Finger

8700

8800

8700

8800

0

Turmeric

Nizamabad

D P Gattha

8400

8500

8400

8500

0

Turmeric

Sangli

Kadapa

8700

8500

7800

8200

300

25700

Turmeric

Sangli

Rajapuri

9400

9500

9300

9400

100

Turmeric

Erode

Finger

9100

9300

9000

9100

200

2100

Turmeric

Erode

Gattha

8700

9100

8500

8700

400

Turmeric

Nanded

Gattha

8000

8550

8000

8250

300

650

Turmeric

Nanded

Finger

8500

9200

7800

9000

200



       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Spot Guar Seed, Gum Ease Down In Rajasthan, Mills Getti...
Guar Seed, Gum Gain In Rajasthan, Sentiments Turn To Po...
Spot Guar Seed noted mixed trend, Gum Rises On Better D...
Bearish Trend Remains Intact In Spot Guar Complex, Febr...
Muted Trend Noticed In Spot Guar Complex In Rajasthan, ...
more
Top 5 News
Ukraine Sunoil Output & Export Set to Rise Over 16% in ...
Gujarat Sugar Mill Prices –17 april 2021
Maharashtra Sugar Mill Prices – 17 FEB 2021
Tamil Nadu Sugar Mill Prices –17 APRIL 2021
Uttar Pradesh Sugar Mill Prices -17 APRIL2021
Top 5 Special Reports
Crisis in Mozambique Could Mean Trouble for India's Foo...
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Copyright © CC Commodity Info Services LLP. All rights reserved.