Turmeric Spot Prices Stable to Higher; NCDEX Futures Decline After Recent Surge

New Delhi, May 23 (Commoditiescontrol): Turmeric spot prices remained stable to higher in major markets, signaling robust demand. Prices in Erode and Duggirala saw increases ranging from Rs 100-300 per quintal. Notably, Duggirala experienced a significant price surge as markets reopened after being closed for 4-5 sessions. Despite the high demand at current price levels following a recent correction, export demand is reportedly sluggish.

Arrivals sharply declined to around 8,500 bags, down from 19,300 bags in the previous session, partly due to some markets being closed today. Low arrivals are expected to persist as prices rise, reflecting tighter supply conditions. Market participants anticipate a 20-25% reduction in production this season compared to the previous year.

Meanwhile, the Department of Commerce released March EXIM data, revealing:
- Exports: 17,433 MT, a 7.4% decrease from the previous year.
- Imports: 1,227 MT, marking a 32.6% increase.
- Cumulative Exports (April to March): Totaled 1.62 lakh tons, a 5% decrease. Exports have remained notably lower for the past 4-5 months.

Turmeric futures prices on the NCDEX market dipped slightly after surging in the previous two sessions. Despite a recent recovery of 9-10%, prices fell by 0.9% in the June contract and 0.6% in the August contract. However, heavy buying activity is expected to drive NCDEX prices higher in the coming days.

NCDEX Spot Prices (RS/Qtl)
- Nizamabad - NCDEX Polished: 18,029
- Nizamabad - NCDEX Unpolished: 17,063
- Sangli - NCDEX Rajapore: 19,468

NCDEX Future Prices (RS/Qtl)
- Jun-24: 19,474 (-174, -0.9%)
- Aug-24: 20,078 (-126, -0.6%)

Turmeric contract for JUN delivery settled at Rs 19474/quintal showing an fall of Rs -174 over previous close of Rs 19648/quintal,The contract moved in the range of Rs 19346-20000 for the day. Open interest decreased by -405 MT to 16025 MT, while trading volume decreased by -4165 to 4150 MT.

Turmeric contract for AUG delivery settled at Rs 20078/quintal showing an fall of Rs -126 over previous close of Rs 20204/quintal,The contract moved in the range of Rs 19950-20540 for the day. Open interest increased by 415 MT to 5770 MT, while trading volume decreased by -1795 to 1600 MT.

Currently The spread between JUN and AUG contract is -604 Rs/quintal.