Mumbai, July 4 (CommoditiesControl): Turmeric prices in the NCDEX markets continue to fall due to new selling activity. Prices declined by 0.5% in August contracts and 0.3% in October contracts. Over the last month, prices have dropped by 4,300 points, and the rate of decline might slow down. There is stronger support at 15,800, and prices may recover from these levels. However, if there is a breakdown, prices could potentially drop another 1,500 points.
In the spot markets, turmeric prices were mostly weak, falling in Hingoli, Kesamudram, Basmatnagar, and Erode. Prices fell sharply in Basmatnagar, which had seen a recovery in the previous session. Other centers remained stable. Traders report that buyers are preferring a hand-to-mouth approach. With the current decline, stockists might liquidate their inventory, putting additional pressure on spot market prices. Additionally, lower demand from Bangladesh is also weighing on the prices.
Arrivals fell from 12,732 bags to 9,880 in the previous session, with arrivals falling marginally across the markets. Meanwhile, rains have been reported to be good over turmeric growing regions of South India and Maharashtra. According to farmers, acreage is expected to increase dramatically this season. However, if the downtrend in prices continues, the acreage increase may be less than initially expected.
NCDEX Spot Prices (INR/Qtl):
- Nizamabad - NCDEX Polished: Rs 17,243
- Nizamabad - NCDEX Unpolished: Rs 16,362
- Sangli - NCDEX Rajapore: Rs 18,487
NCDEX Future Prices (INR/Qtl):
- Oct-24: Rs 16,930 (-84, -0.5%)
- Dec-24: Rs 17,800 (-60, -0.3%)
Turmeric contract for AUG delivery settled at Rs 16104/quintal showing an fall of Rs -64 over previous close of Rs 16168/quintal,The contract moved in the range of Rs 15948-16318 for the day. Open interest decreased by -20 MT to 20235 MT, while trading volume increased by 970 to 3880 MT.
Turmeric contract for OCT delivery settled at Rs 16930/quintal showing an fall of Rs -84 over previous close of Rs 17014/quintal,The contract moved in the range of Rs 16770-17114 for the day. Open interest increased by 520 MT to 4330 MT, while trading volume increased by 1750 to 2380 MT.
Currently The spread between AUG and OCT contract is -826 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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