Mixed Turmeric Prices in Spot Markets; NCDEX Futures Trade Higher

New Delhi, February 20 (CommoditiesControl): Turmeric prices in major markets displayed mixed trends, with varied changes reported across different centers. Duggirala witnessed a decrease of Rs 200 per quintal, Basmatnagar saw a decline of Rs 300-500 per quintal, while prices in Warangal increased by Rs 200 per quintal. Other centers reported stable prices. The market dynamics were influenced by strong demand arising from both domestic and export inquiries.

Arrivals stood at 32,500 bags, a figure nearly identical to the previous sessions, despite lower arrivals in Nizamabad. Nizamabad reported 15,000 bags, Basmatnagar 8,000, Sangli 8,500, and Duggirala 800. Arrivals were 30-40% lower than expected due to significantly reduced output.

Turmeric futures prices on the NCDEX markets continued to rise, with a 1.4% increase in April and a 1.6% increase in June. The expectation of lower arrivals and stockpiling by farmers and aggregators to fetch higher prices later in the season contribute to the volatility in prices.

NCDEX Spot Prices (RS/Qtl):
- Nizamabad - NCDEX Polished: 14,192
- Nizamabad - NCDEX Unpolished: 13,523
- Sangli - NCDEX Rajapore: 15,705

NCDEX Future Prices (RS/Qtl):
- Apr-24: 15,592 (+210, +1.4%)
- Jun-24: 15,784 (+254, +1.6%)

Turmeric contract for APR delivery settled at Rs 15592/quintal showing an rise of Rs 210 over previous close of Rs 15382/quintal,The contract moved in the range of Rs 15240-15780 for the day. Open interest increased by 235 MT to 14230 MT, while trading volume increased by 1135 to 2985 MT.

Turmeric contract for JUN delivery settled at Rs 15784/quintal showing an rise of Rs 254 over previous close of Rs 15530/quintal,The contract moved in the range of Rs 15648-16000 for the day. Open interest increased by 45 MT to 945 MT, while trading volume decreased by -55 to 190 MT.

Currently The spread between APR and JUN contract is -192 Rs/quintal.