Mumbai, April 26 (Commodities Control): Turmeric prices in major spot markets witnessed mostly upward trend, driven by robust demand despite lower arrivals. Arrivals dipped below 25,000 bags in most markets, reflecting reduced production this season.
Total arrivals stood at 16,100 bags, a decline from 26,500 bags in the previous session, attributed to lower arrivals across markets and the closure of a few. Local traders anticipate arrivals to be 40-50% lower compared to previous seasons due to diminished production.
In contrast, turmeric futures prices on the NCDEX market experienced a third consecutive session of decline, driven by profit-taking activities at higher levels. However, the decrease was marginal, suggesting a consolidation phase after a significant rise the previous week. Prices for June and August contracts dipped by 0.7% and 0.6%, respectively. NCDEX futures prices are expected to find support in the upcoming days.
Additionally, the Department of Commerce released EXIM data for February, revealing a 12.7% decline in exports to 12,923 MT. Lower exports were reported from Saudi Arabia and Morocco during the month. Cumulative exports for April to February were 4% lower due to reduced exports over the past 4-5 months.
Imports surged by 142% to 1,629 MT, primarily due to increased imports from Vietnam and Cambodia.
NCDEX Spot (Rs/Qtl)
- Nizamabad - NCDEX Polished: 17,687
- Nizamabad - NCDEX Unpolished: 16,682
- Sangli - NCDEX Rajapore: 18,974
NCDEX Future (Rs/Qtl)
- Jun-24: 18,940 (-132, -0.7%)
- Aug-24: 19,434 (-120, -0.6%)
Turmeric contract for JUN delivery settled at Rs 18950/quintal showing an fall of Rs -132 over previous close of Rs 19082/quintal,The contract moved in the range of Rs 18940-19580 for the day. Open interest was simillar by 0 MT to 18850 MT, while trading volume decreased by -1925 to 3480 MT.
Turmeric contract for AUG delivery settled at Rs 19434/quintal showing an fall of Rs -120 over previous close of Rs 19554/quintal,The contract moved in the range of Rs 19434-19998 for the day. Open interest was simillar by 0 MT to 500 MT, while trading volume decreased by -180 to 240 MT.
Currently The spread between JUN and AUG contract is -484 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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