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Spot Turmeric Slips On Bearish Futures, Slow Demand

17 Feb 2017 4:22 pm
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MUMBAI (Commoditiescontrol) - Turmeric dropped second straight day at the key Nizamabad market on Friday, whereas recorded fall in Basmatnagar and Erode market.

The fall in prices were said to be mainly due to bearish futures, slow demand and rising new crop supply, said a trader from Erode.

Some more weakness in turmeric can't be ruled out as supply is expected to rise and may outstrip current slow demand, he said.

Total turmeric availability during the current season 2017-18 (February-January) likely at 95-100 lakh bags (70kg each), which includes 75-80 lakh bags production and rest 20 lakh bags as carry over stocks.

On derivatives the benchmark April turmeric futures dropped 0.75 percent, or Rs 52 at Rs 6,876/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). The contract so far traded within range of Rs 6,810 to Rs 6,916.

Market Variety Min Max
Nizamabad Gatha 6800 6800
Nizamabad Finger 7200 7200
Nizamabad Double Polish Gatha 7400 7400
Nizamabad Double Polish Finger 8100 8100
Arrival   10000 10000
Erode Finger 7900 8000
Erode Gatha 7500 7600
Arrival   6000 6000
Duggirala Gatha 6000 6100
Duggirala Finger 6100 6200
Duggirala Kadapa 6200 6300
Duggirala Begurpeth/Finger 6300 6500
Arrival   500 500
Basmatnagar Selam 7100 7200
Basmatnagar Best Selam 7400 7600
Basmatnagar Super Selam 7900 8200
Arrival   900 900
Note: Rates In Rs/100Kg | Arrivals In Bags Of 70Kg

(By Commoditiescontrol Bureau; +91-22-40015533)


       
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