Comments
Spot turmeric prices ruled firm on the spot market but futures dropped on selling by speculators.
“Prices had run up abnormally last week in spot and futures market. What we saw in the futures was some correction,” said Mr Poonam Chand Gupta, a trader from Nizamabad in Andhra Pradesh. Turmeric prices at the Nizamabad market were quoted at Rs 10,500 a quintal. Prices have been ruling at this level for the last three session. However, on the National Commodities and Derivatives Exchange (NCDEX)April contracts dropped 2.17 per cent or Rs 228 to Rs 10,290 a quintal. May contracts dipped Rs 214 or 2.21 per cent to Rs 9,361, while June contracts ended Rs 138 lower at Rs 9,116.
Traders opine prices could gain another two per cent, particularly with the NCDEX warehouses running out of stocks. Arrivals of the new crop were good throughout the country, especially in Erode, Duggirala and Warangal. “Domestic demand is good while export enquiries are coming in from Dubai,” said Mr Gupta. Markets in Erode are closed ahead of Rama Navami and will reopen on April 15 only after elections to Tamil Nadu Assembly, Ambedkar Jayanthi and Chithirai Thirunal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.