Turmeric Prices Surge on Robust Demand, with Duggirala Exception

Mumbai, March 7, 2024 (Commoditiescontrol):Turmeric prices across major Indian markets have resumed their upward trajectory, driven by strong domestic and export demand coupled with reduced production. The exception is Duggirala, where prices reportedly stand Rs 100 per quintal lower.

Arrivals have declined to 28,200 bags from a previous 32,300 bags, partially due to market closures in Maharashtra. Specific market arrivals include Hingoli (3,000 bags), Erode (6,600), Sangli (17,000), and Nanded (1,200). Market updates indicate arrivals are 30-40% below expectations, a trend attributed to significantly lower output.

NCDEX turmeric futures saw a sharp 4-4.6% increase spurred by bargain buying. April contracts rose by 4.1% and June contracts by 4.6%. Market analysts anticipate significantly lower-than-usual arrivals as farmers and village-level aggregators hold stock in expectation of further price increases later in the season.

NCDEX Spot Prices (RS/Qtl) Nizamabad - NCDEX Polished: 15,414 Nizamabad - NCDEX Unpolished: 14,472 Sangli - NCDEX Rajapore: 17,992

Turmeric contract for APR delivery settled at Rs 18100/quintal showing an rise of Rs 714 over previous close of Rs 17386/quintal,The contract moved in the range of Rs 17470-18428 for the day. Open interest increased by 145 MT to 15675 MT, while trading volume increased by 3985 to 6145 MT

Turmeric contract for JUN delivery settled at Rs 18380/quintal showing an rise of Rs 802 over previous close of Rs 17578/quintal,The contract moved in the range of Rs 18210-18632 for the day. Open interest increased by 230 MT to 1670 MT, while trading volume increased by 895 to 1020 MT.

Currently The spread between APR and JUN contract is -280 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)