Mumbai, April 23 (CommoditiesControl): Turmeric spot prices exhibited stability to slight increases across major markets, driven by robust demand following a brief correction. While prices remained steady in Erode and Warangal, other markets saw gains ranging from Rs 200 to Rs 500 per quintal due to increased demand. Notably, the surge in NCDEX futures prices during the closing hours hinted at a potential sharp rise in the next session, indicating bullish sentiment in the market. Additionally, declining arrivals contributed to the positive price momentum.
Arrivals declined to 17,300 bags from 22,600 bags in the previous session, reflecting reduced supply in major markets. Market observers anticipate arrivals to remain 40-50% lower than previous seasons due to decreased production. Traders suggest that stockists and farmers are withholding supplies in anticipation of future price escalations, further limiting market availability. Basmatnagar reported 5,000 bags, Hingoli 6,000 bags, Duggirala had 600 bags, Sangli 7,500 bags, and Nanded reported 3,000 bags.
After a brief downtrend in the preceding sessions, Turmeric futures prices on the NCDEX market experienced a sharp surge, reaching upper circuit limits due to robust buying activity. Notably, prices rose by 6.0% in the June contract and 5.5% in the August contract. With strong buying momentum and supportive market conditions, NCDEX futures prices are expected to maintain their upward trend in the coming days.
NCDEX Spot Prices (Rs/Qtl)
- Nizamabad - NCDEX Polished: 17,258
- Nizamabad - NCDEX Unpolished: 16,378
- Sangli - NCDEX Rajapore: 19,262
NCDEX Futures Prices (Rs/Qtl)
- June 2024: 19,688 (+1,114, +6.0%)
- August 2024: 20,100 (+1,050, +5.5%)
Turmeric contract for JUN delivery settled at Rs 19688/quintal showing an rise of Rs 1114 over previous close of Rs 18574/quintal,The contract moved in the range of Rs 18548-19688 for the day. Open interest increased by 555 MT to 18860 MT, while trading volume increased by 3690 to 6905 MT
Turmeric contract for AUG delivery settled at Rs 20100/quintal showing an rise of Rs 1050 over previous close of Rs 19050/quintal,The contract moved in the range of Rs 18860-20100 for the day. Open interest increased by 65 MT to 290 MT, while trading volume increased by 195 to 440 MT.
Currently The spread between JUN and AUG contract is -412 Rs/quintal
(By Commoditiescontrol Bureau: +91 9820130172)
0 Comments 
Post Comment 
