New Delhi, April 10 (Commodities Control): Turmeric spot prices witnessed a downturn across major markets, attributed to a combination of factors including closed markets and a notable drop in export demand. Notably, Duggirala and Hingoli markets experienced a significant reduction in prices, ranging from Rs 200 to Rs 500 per quintal, despite robust domestic demand.
The overall market activity was constrained by the closure of most turmeric markets, leading to a sharp decline in arrivals, which plummeted to 9,200 bags from the 19,000 bags recorded in the previous session. The detailed arrival figures from specific markets included 2,800 bags in Erode, 400 bags in Duggirala, and 6,000 bags in Hingoli. This diminished arrival rate, accounting for a 20-30% shortfall compared to expectations, is largely due to the considerably lower turmeric output this season.
In the futures market, turmeric prices on the National Commodity & Derivatives Exchange (NCDEX) experienced a marginal decrease. The April contracts saw a modest increase of 0.1%, whereas the June contracts witnessed a decline of 0.3%. Despite the slight downturn, future prices on the NCDEX are anticipated to find support in the upcoming days, buoyed by market dynamics.
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Turmeric contract for APR delivery settled at Rs 16264/quintal showing an fall of Rs -336 over previous close of Rs 16600/quintal,The contract moved in the range of Rs 16264-16600 for the day. Open interest decreased by -1055 MT to 4345 MT, while trading volume increased by 445 to 2635 MT.
Turmeric contract for JUN delivery settled at Rs 16712/quintal showing an fall of Rs -350 over previous close of Rs 17062/quintal,The contract moved in the range of Rs 16710-17020 for the day. Open interest increased by 845 MT to 15210 MT, while trading volume increased by 905 to 3425 MT.
Currently The spread between APR and JUN contract is -448 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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