Mumbai, June 13 (Commodities Control): Turmeric spot prices showed mixed trends across various markets. In Duggirala, prices fell by Rs 100 per quintal, while they increased in Nizamabad, Kesamudram, and for the finger variety in Hingoli. Other centers reported stable prices. Market sources indicated that buyers and stockists remained cautious, with end users engaging in need-based buying only.
Market activity saw a slight uptick as arrivals increased to 12,647 bags from the previous session's 11,342 bags, with the majority of markets open today. Despite this, market participants are concerned about the overall production this season, which is expected to be 20-25% lower than last year, potentially leading to lower arrivals throughout the season.
In the NCDEX markets, turmeric prices recovered moderately after experiencing range-bound movements over the previous 4-5 sessions. Despite the recovery, prices had decreased by 1.4% in August contracts and 2.1% in October contracts. From their recent highs, prices have fallen by 17-18%, currently trading at a two-month low, influenced by rumors of a turnover limit in the NCDEX markets.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: Rs 18,138
- Nizamabad - NCDEX Unpolished: Rs 17,175
- Sangli - NCDEX Rajapore: Rs 19,134
NCDEX Futures Prices (Rs/Qtl):
- August 2024: Rs 18,094 (+252, +1.4%)
- October 2024: Rs 18,914 (+396, +2.1%)
Overall, this mixed price scenario reflects the cautious approach of buyers and stockists amid fluctuating market conditions and concerns over lower production this season. The recovery in NCDEX futures prices suggests a resurgence in buying activity, although the overall market sentiment remains wary.
Turmeric contract for JUN delivery settled at Rs 17260/quintal showing an fall of Rs -22 over previous close of Rs 17282/quintal,The contract moved in the range of Rs 17150-17544 for the day. Open interest decreased by -2535 MT to 430 MT, while trading volume decreased by -440 to 4145 MT.
Turmeric contract for AUG delivery settled at Rs 18094/quintal showing an rise of Rs 252 over previous close of Rs 17842/quintal,The contract moved in the range of Rs 17680-18094 for the day. Open interest increased by 1870 MT to 21110 MT, while trading volume increased by 525 to 6755 MT.
Currently The spread between JUN and AUG contract is -834 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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