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Turmeric: Spot Prices Drop in Nizamabad, Warangal Amid Slack Demand; Short Covering in Futures

25 Sep 2020 5:13 pm
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Mumbai (Commodities Control) - Spot Turmeric prices crack lower heavily in Nizamabad and Warangal mandis firm arrivals and weak demand, while prices were quoted steady in Erode, Nanded and Kesamudram mandis amid slack demand for the yellow spice.


Turmeric futures on NCDEX October ended at Rs 5748, up Rs 48. November futures closed at Rs 5828 (+50). Futures recovered as investors covered short positions after a recent fall in prices.


Prices dropped Rs 100 at Nizamabad mandi, amid unchanged arrivals of 2,000 bags on Friday. Gattha and Finger varieties were lower at Rs 5500 and Rs 5700 per Quintal, respectively, down Rs 100 each. DP Finger was quoted flat at Rs 6600, while DP Gattha declined Rs 100 at Rs 6400 per Quintal.


Finger variety gave up Rs 100 in Warangal as arrivals were reported to be steady at 300 bags on Friday. Meanwhile Gattha was quoted flat at Rs 4300-4400 per Quintal..


It is interesting to note that turmeric prices at Kesamudram mandi were stable, despite lower arrivals of 100 bags vs 300 bags on Thursday. Gattha variety was quoted unchanged at Rs 4200-4500 per Quintal.

Turmeric prices were quoted flat at Nanded and Erode mandis amid increased arrivals of 1,500 bags (+500 bags) and close to 3200 bags (+300 bags), respectively.


Erode turmeric merchants reveal that usually during the second season in September and October a good number of turmeric will be purchased by traders. But this year, the arrivals and sales of turmeric were low. Many exporters concentrate on Maharashtra and Andhra Pradesh turmeric and this year a negligible number of turmeric bags were purchased by some exporters at Erode.


Commodity

Market

Variety

Min

Max

Min

Max

Change(Max Today-Prev Max)

Arrival

Turmeric

Nizamabad

Gattha

5500

5500

5600

5600

-100

2000

Turmeric

Nizamabad

Finger

5700

5700

5800

5800

-100

Turmeric

Nizamabad

D P Finger

6600

6600

6600

6600

0

Turmeric

Nizamabad

D P Gattha

6400

6400

6500

6500

-100

Turmeric

Warangal

Gattha

4300

4400

4300

4400

0

300

Turmeric

Warangal

Finger

4300

4500

4500

4600

-100

Turmeric

Kesamudram

Gattha

4300

4500

4200

4500

0

100

Turmeric

Kesamudram

Finger

4500

4600

4500

4600

0

Turmeric

Erode

Finger

5800

6200

5800

6200

0

3200

Turmeric

Erode

Gattha

5500

5800

5500

5800

0

Turmeric

Nanded

Gattha

5200

5400

5200

5400

0

1500

Turmeric

Nanded

Finger

5200

5700

5200

5700

0




       
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