Turmeric Spot Prices Firm as NCDEX Futures Surge

Mumbai, May 22 (Commodities Control): Turmeric prices showed firmness across major spot markets, reflecting high demand at current price levels. Prices in various markets increased by Rs 100 to Rs 1,000 per quintal. Hingoli, in particular, reported a sharp rise in prices as the market reopened after a closure of 2-3 sessions, driven by strong demand following a recent price correction. However, export demand remains sluggish.

Arrivals in the spot markets were reported at 19,300 bags, up from 12,500 bags in the previous session, thanks to the reopening of Hingoli. Despite this, arrivals are expected to stay low as prices begin to rise due to tighter supply conditions. Market participants anticipate a 20-25% drop in production this season compared to last year.

The Department of Commerce released EXIM data for March, showing that exports decreased by 7.4% year-on-year to 17,433 MT, while imports increased by 32.6% to 1,227 MT. Cumulative exports for April to March were 1.62 lakh tons, a 5% decrease year-on-year. Exports have been notably lower over the past 4-5 months.

On the NCDEX market, turmeric futures prices continued to rise due to aggressive buying activity. Following an upper circuit lock in the previous session, prices rose by 5.0% in both the June and August contracts. NCDEX futures are expected to continue their upward trend in the coming days due to strong buying momentum.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,974
- Nizamabad - NCDEX Unpolished: 17,048
- Sangli - NCDEX Rajapore: 19,468

NCDEX Futures Prices (Rs/Qtl):
- Jun-24: 19,900 (+948, +5.0%)
- Aug-24: 20,440 (+956, +4.9%)

Turmeric contract for JUN delivery settled at Rs 19900/quintal showing an rise of Rs 948 over previous close of Rs 18952/quintal,The contract moved in the range of Rs 18726-19986 for the day. Open interest decreased by -385 MT to 16430 MT, while trading volume increased by 1860 to 8315 MT.

Turmeric contract for AUG delivery settled at Rs 20440/quintal showing an rise of Rs 956 over previous close of Rs 19484/quintal,The contract moved in the range of Rs 19390-20550 for the day. Open interest increased by 950 MT to 5355 MT, while trading volume increased by 2140 to 3395 MT.

Currently The spread between JUN and AUG contract is -540 Rs/quintal.