Mumbai, April 30 (Commodities Control): Turmeric prices in major spot markets remained mainly stable, except for fluctuations observed in the Duggirala and Nanded markets. While prices dipped in Nanded, it rebounded in Duggirala following a weak session the previous day.
Elevated demand, driven by robust buying activity from stockists and end-users, has contributed to stable prices despite a notable increase in arrivals. However, lower-quality arrivals led to price declines in Hingoli, according to sources.
Arrivals saw a significant drop to 14,800 bags from 55,800 bags in the previous session, attributed to lower arrivals across all markets and the closure of Hingoli. Hingoli market is now operating as an alternative and received 25,000 bags.
In the NCDEX market, turmeric futures prices recorded a marginal recovery after four days of weak sessions, fueled by bargain buying activity. Prices saw an uptick of 1.3% in June contracts and 0.2% in August contracts. NCDEX futures prices are anticipated to remain supported in the upcoming days.
Meanwhile, the Department of Commerce released EXIM data for February, revealing a 12.7% decline in exports to 12,923 MT. Significant decreases in exports were reported from Saudi Arabia and Morocco. Cumulative exports from April to February were 4% lower due to reduced exports in the preceding 4-5 months. Imports surged by 142% to 1,629 MT, driven by higher imports from Vietnam and Cambodia.
NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 17,594
- Nizamabad - NCDEX Unpolished: 16,558
- Sangli - NCDEX Rajapore: 18,995
NCDEX Future (RS/Qtl)
- Jun-24: 19,220 (+230, +1.3%)
- Aug-24: 19,684 (+048, +0.2%)
Turmeric contract for JUN delivery settled at Rs 19220/quintal showing an rise of Rs 238 over previous close of Rs 18982/quintal,The contract moved in the range of Rs 18824-19320 for the day. Open interest increased by 115 MT to 19465 MT, while trading volume decreased by -1635 to 1910 MT.
Turmeric contract for AUG delivery settled at Rs 19684/quintal showing an rise of Rs 48 over previous close of Rs 19636/quintal,The contract moved in the range of Rs 19380-19684 for the day. Open interest increased by 30 MT to 605 MT, while trading volume decreased by -25 to 190 MT.
Currently The spread between JUN and AUG contract is -464 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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