Mumbai, 10 May 2024 (Commoditiescontrol): Turmeric prices in major spot markets remained stable, with the exception of Hingoli, where prices rebounded by Rs 275-300 per quintal after a sharp fall in the previous session. The stability comes despite a significant decline in arrivals, which fell to 17,900 bags from 30,200 bags. Market sources indicate that arrivals are down 30% to 40% compared to previous seasons.
In the NCDEX market, turmeric futures prices fell for the second consecutive session due to traders shifting positions from the current month to the next month. June contracts saw a 0.9% decrease, while August contracts fell by 0.4%. NCDEX futures are expected to stabilize once the position shifting is complete. Further declining arrivals in the spot market should also support prices.
NCDEX Spot Prices (Rs/Quintal)
Nizamabad - NCDEX Polished: 17,634
Nizamabad - NCDEX Unpolished: 16,776
Sangli - NCDEX Rajapore: 19,132
Turmeric contract for JUN delivery settled at Rs 18558/quintal showing an fall of Rs -172 over previous close of Rs 18730/quintal,The contract moved in the range of Rs 18000-18872 for the day. Open interest decreased by -505 MT to 19065 MT, while trading volume increased by 2410 to 4315 MT.
Turmeric contract for AUG delivery settled at Rs 19188/quintal showing an fall of Rs -76 over previous close of Rs 19264/quintal,The contract moved in the range of Rs 18502-19320 for the day. Open interest increased by 380 MT to 1760 MT, while trading volume increased by 565 to 1045 MT.
Currently The spread between JUN and AUG contract is -630 Rs/quintal.
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(By Commoditiescontrol Bureau: +91 9820130172)
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