Mumbai, April 24 (CommoditiesControl): Turmeric prices exhibited divergent trends today, with spot market prices witnessing a steady increase while NCDEX futures experienced a marginal decline in the final hours of trading.
In the major spot markets, turmeric prices surged by Rs 200-800 per quintal during the morning sessions, fueled by robust demand. However, NCDEX futures prices took a sharp downturn in the last hour, contrasting the upward trend seen in spot prices. Market analysts anticipate a potential correction in tomorrow's session.
Arrivals in the major markets went down to 16,800 bags from 17,300 bags in the previous session, signaling a decline in supply. This reduction in arrivals over the past 7-8 sessions coincides with the upward movement in spot market prices.
Market observers attribute the low arrivals to stockists and farmers holding back supplies in anticipation of future price hikes. Local traders anticipate arrivals to be 40-50% lower compared to previous seasons due to expectations of reduced production.
Turmeric futures prices on the NCDEX market witnessed a notable uptrend in the preceding two sessions before experiencing a sharp reversal in the final hour of trading today. The sudden selling pressure led to a decline of 2.1% in both the June and August contracts. Despite this setback, NCDEX futures prices are anticipated to find support in the coming days.
NCDEX Spot Prices (Rs/Qtl)
- Nizamabad - NCDEX Polished: 17,618
- Nizamabad - NCDEX Unpolished: 16,835
- Sangli - NCDEX Rajapore: 19,154
NCDEX Future Prices (Rs/Qtl)
- Jun-24: 19,150 (-406, -2.1%)
- Aug-24: 19,510 (-420, -2.1%)
Turmeric contract for JUN delivery settled at Rs 19150/quintal showing an fall of Rs -406 over previous close of Rs 19556/quintal,The contract moved in the range of Rs 18980-20174 for the day. Open interest decreased by -50 MT to 18810 MT, while trading volume decreased by -420 to 6485 MT.
Turmeric contract for AUG delivery settled at Rs 19510/quintal showing an fall of Rs -420 over previous close of Rs 19930/quintal,The contract moved in the range of Rs 19436-20598 for the day. Open interest increased by 120 MT to 410 MT, while trading volume decreased by -100 to 340 MT.
Currently The spread between JUN and AUG contract is -360 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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