Mumbai, May 7 (Commodities Control): Turmeric spot prices showed mixed trends across major markets, with fluctuations observed in different markets. While prices experienced an uptick in Erode and Hingoli, it witnessed a decline in Duggirala and Basmatnagar. The market sentiment reflects weak demand, characterized by subdued buying interest at higher price levels and muted export demand, which collectively exert downward pressure on prices.
Market arrivals have notably decreased to 17,800 bags compared to 31,100 bags in the previous session. This decline is attributed to fewer markets being closed today, resulting in an overall reduction in arrivals. However, sources indicate that arrivals are substantially lower, ranging between 30-40% compared to previous seasons, indicating a broader trend of reduced supply.
In contrast to the spot market, turmeric futures prices in the NCDEX market have staged a recovery after experiencing a sharp drop in the previous session. Prices have seen marginal improvements, with a rise of 0.4% in June and 0.8% in August contracts. Analysts anticipate continued support for NCDEX futures prices in the forthcoming days, reflecting positive market sentiment.
NCDEX Spot (RS/Qtl)
- Nizamabad:
- NCDEX Polished: 17,445
- NCDEX Unpolished: 16,462
- Sangli: NCDEX Rajapore: 18,724
NCDEX Future (RS/Qtl)
- Jun-24: 18,476 (+76, +0.4%)
- Aug-24: 18,988 (+158, +0.8%)
Turmeric contract for JUN delivery settled at Rs 18476/quintal showing an rise of Rs 76 over previous close of Rs 18400/quintal,The contract moved in the range of Rs 18200-18564 for the day. Open interest increased by 100 MT to 19590 MT, while trading volume decreased by -1335 to 2035 MT.
Turmeric contract for AUG delivery settled at Rs 18988/quintal showing an rise of Rs 158 over previous close of Rs 18830/quintal,The contract moved in the range of Rs 18762-19050 for the day. Open interest increased by 80 MT to 1115 MT, while trading volume increased by 55 to 475 MT.
Currently The spread between JUN and AUG contract is -512 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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