Mumbai, June 26 (CommoditiesControl): Turmeric prices in major markets have been reported to be stable to weak due to low demand in some areas. Prices increased by Rs 100-200 per quintal in Warangal, Nizamabad, Sangli, and Cuddapah, while other centers remained mostly stable. Buyers and stockists are still cautious, making purchases based on their immediate requirements.
Arrivals declined further to 10,240 bags from 11,490 in the previous session, reflecting a decrease across markets. Market participants predict that this season's production will be 20-25% lower than last year, leading to fewer arrivals overall.
The monsoon season has begun in the major turmeric-growing regions of South India and Maharashtra. Farmers expect a significant increase in acreage this season.
After a sharp drop, turmeric prices in the NCDEX markets have slightly recovered for the second session. Prices rose by 0.8% in August and 1.3% in October contracts. However, traders' confidence remains low, keeping prices in check.
NCDEX Spot (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,920
- Nizamabad - NCDEX Unpolished: 17,000
- Sangli - NCDEX Rajapore: 18,830
NCDEX Future (Rs/Qtl):
- Aug-24: 17,542 (+132, +0.8%)
- Oct-24: 18,380 (+228, +1.3%)
Turmeric contract for AUG delivery settled at Rs 17542/quintal showing an rise of Rs 132 over previous close of Rs 17410/quintal,The contract moved in the range of Rs 17270-17590 for the day. Open interest decreased by -295 MT to 21135 MT, while trading volume increased by 230 to 2530 MT.
Turmeric contract for OCT delivery settled at Rs 18380/quintal showing an rise of Rs 228 over previous close of Rs 18152/quintal,The contract moved in the range of Rs 18040-18400 for the day. Open interest increased by 315 MT to 1605 MT, while trading volume increased by 30 to 955 MT.
Currently The spread between AUG and OCT contract is -838 Rs/quintal
(By Commoditiescontrol Bureau: +91 9820130172)
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