Turmeric Spot Prices Show Mixed Trend; NCDEX Futures Experience Decline

Mumbai, April 25 (Commoditiescontrol): Turmeric prices in major spot markets displayed a mixed trend, with increases noted in Erode for Ghatha variety, while prices declined in Warangal, Nizamabad, and Sangli following a sharp rise. Despite the recent price surge, demand has reportedly remained subdued.

Arrivals saw an improvement to 26,500 bags, up from 16,800 in the previous session, primarily driven by a significant increase in arrivals in Sangli and the opening of Basmatnagar. However, local traders indicate that arrivals are expected to be 40-50% lower compared to previous seasons due to reduced production. Market participants attribute the low arrivals to farmers hoarding supplies in anticipation of further price rises.

Turmeric futures prices on the NCDEX market recorded a decline for the second consecutive session, attributed to profit booking at higher levels. However, prices rebounded slightly in the final hours of trading. The June and August contracts witnessed a decrease of 0.9% and 1.0%, respectively. Despite the decline, NCDEX futures prices are anticipated to remain supported in the coming days.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,705
- Nizamabad - NCDEX Unpolished: 16,820
- Sangli - NCDEX Rajapore: 18,860

NCDEX Future Prices (Rs/Qtl):
- June 2024: 19,220 (-166, -0.9%)
- August 2024: 19,698 (-198, -1.0%)

Turmeric contract for JUN delivery settled at Rs 19220/quintal showing an fall of Rs -166 over previous close of Rs 19386/quintal,The contract moved in the range of Rs 18224-19516 for the day. Open interest increased by 40 MT to 18850 MT, while trading volume decreased by -1080 to 5405 MT.

Turmeric contract for AUG delivery settled at Rs 19698/quintal showing an fall of Rs -198 over previous close of Rs 19896/quintal,The contract moved in the range of Rs 18720-19870 for the day. Open interest increased by 90 MT to 500 MT, while trading volume increased by 80 to 420 MT

Currently The spread between JUN and AUG contract is -478 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)