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Turmeric Futures Ends in Lower Circuit amid Profit Booking at Higher Levels, Spot Prices Trek Higher in Nizamabad, Nanded

4 Mar 2021 4:57 pm
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Mumbai (Commodities Control) - After three straight sessions of upper circuit, the turmeric futures collapsed over Rs 300 on Thursday amid profit booking from five year highs. The steep correction comes in, even as spot prices are on the roll at major spice mandis in the country amid robust demand and lower output concerns.It is to be noted that the most-active futures contract surged 45% between February 1 and March 3.


Until midweek, turmeric futures upped 12%. So far, Futures prices have been closely tracking spot markets’ trend.


On Thursday, the apex Nizamabad mandi registered Rs 300-700 per Quintal rise for Finger and DP Gaththa-Finger varieties amid unchanged arrivals of 20,000 bags. However, mandis of Erode and Sangli witnessed steady trade. Finger variety in Nanded gained Rs 800/Quintal today amid arrivals of 650 bags. Prices in Erode mandi rose by Rs 500-900 per Candy in the last two sessions.


On Wednesday, the April contract of turmeric on the National Commodity and Derivatives Exchange ended with upper circuit at Rs 9,336/Quintal. May futures settled at Rs 9368/Quintal. Futures contracts of Turmeric on the National Commodity and Derivatives Exchange hit the 4% upper circuit for three straight sessions.


On Thursday, April’21 is trading Rs 372/Quintal lower; near circuit low, at Rs 8,964/Quintal and May futures contract is quoted Rs 298 lower at Rs 9,070/Quintal at 4.52pm.

Market participants reveal that production is likely to decline 10-15% in 2020-21 (Jul-Jun) owing to a drop in yield and heavy rain in key growing states in October. Lower carry-forward stocks may also support prices.

Spice traders, however, do not see rising prices being a deterrent as demand from local buyers, stockists or even exporters is fierce ahead of Holi and Ramadan. They add that demand is here to stay until mid-May and prices can easily head higher by another Rs 10/Kg from here.

Technical analysts see more near term upside ahead, as the April '21 contract on NCDEX remains on an upward trajectory amid positive momentum. The next resistance lies at Rs 9,499/Quintal.

Commodity

Market

Variety

Price

Price

Prev_Price

Prev_Price

Change(Max Today-Prev Max)

Arrival

Turmeric

Nizamabad

Gattha

7500

7800

7700

7800

0

20000

Turmeric

Nizamabad

Finger

7500

8500

7700

8000

500

Turmeric

Nizamabad

D P Finger

9000

9500

8700

8800

700

Turmeric

Nizamabad

D P Gattha

8500

8800

8400

8500

300

Turmeric

Sangli

Kadapa

8400

8500

8000

8500

0

26700

Turmeric

Sangli

Rajapuri

9400

9500

9400

9500

0

Turmeric

Erode

Finger

9100

9300

9100

9300

0

3500

Turmeric

Erode

Gattha

8700

9100

8700

9100

0

Turmeric

Nanded

Gattha

8000

8550

8000

8550

0

650

Turmeric

Nanded

Finger

8500

10000

8500

9200

800


       
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