Weak Turmeric Spot Prices Persist as NCDEX Futures Decline

Mumbai, May 13 (Commodities Control): Turmeric markets experienced continued weakness, with spot prices facing downward pressure largely influenced by falling futures prices. Reports from major spot markets indicated subdued demand from both end users and exporters, contributing to the overall bearish sentiment. Notably, markets in Andhra Pradesh and Telangana remained closed today due to ongoing elections, further dampening market activity.

The decline in arrivals, totaling 10,200 bags compared to 17,900 bags in the previous session, underscores the subdued market conditions. Market observers attribute this trend to a significant reduction in production, with arrivals expected to remain lower compared to previous seasons. According to market sources, arrivals have witnessed a notable decline ranging between 30% to 40% from preceding seasons.

In the NCDEX futures market, turmeric prices registered their third consecutive session of decline, primarily driven by profit booking activities at higher levels. Notable decreases were observed in June and August contracts, with declines of 2.5% and 2.1%, respectively. However, despite the downward trend, limited supply dynamics are expected to provide support to NCDEX futures in the forthcoming days.

NCDEX Spot Prices (Rs/Quintal):
- Nizamabad NCDEX Polished: 17,634
- Nizamabad NCDEX Unpolished: 16,776
- Sangli NCDEX Rajapore: 18,848

The prevailing market conditions suggest a challenging outlook for turmeric, with weak demand and reduced arrivals contributing to ongoing price pressures.

Turmeric contract for JUN delivery settled at Rs 18230/quintal showing an fall of Rs -468 over previous close of Rs 18698/quintal,The contract moved in the range of Rs 18180-18696 for the day. Open interest decreased by -830 MT to 18740 MT, while trading volume increased by 345 to 2250 MT.

Turmeric contract for AUG delivery settled at Rs 18752/quintal showing an fall of Rs -408 over previous close of Rs 19160/quintal,The contract moved in the range of Rs 18752-19926 for the day. Open interest increased by 580 MT to 1960 MT, while trading volume increased by 145 to 625 MT.

Currently The spread between JUN and AUG contract is -522 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)