Spot Turmeric Generally Muted amid Dull Demand, Carryover Pressure; Futures Extend Weakness

Mumbai (Commodities control) - Spot turmeric prices were generally stable from the previous session, across the major markets in India on Wednesday, while futures ended lower for the third consecutive session this week.

Spot turmeric of all varieties were quoted stable in Nizamabad, amid arrivals of 4,000 bags, similar to that in the last session.Meanwhile, the finger variety of yellow spice dropped Rs 400 at Basmatnagar mandi amid arrivals of 3,500 bags.

Prices were quoted stable in Sangli for both Kadapa and Rajapuri varieties on Wednesday. Meanwhile at Warangal, however, Finger variety dropped Rs 100 to be quoted at Rs 4,400-4,500 per Quintal today, amid arrivals of 50 bags of turmeric.

Turmeric prices were quoted stable at Kesamudram and Erode mandi amid arrivals of 50 bags and 2,500 bags respectively.

On NCDEX, turmeric settled lower by Rs 18 and Rs 24 for December and April futures at Rs 5,554 and Rs 5,904 per Quintal respectively. The most active December contract has shed nearly Rs 150 since Monday.

Having said so, harvest of new crops is expected to commence this week in Maharashtra, Telangana and Andhra pradesh. Meanwhile ample carryover stocks in the market is an area of concern for the prices. Also the stockists and most of the traders are facing a cash crunch due to which they are making purchases as per immediate requirements.

Orders from the Middle-East, U.S, Europe and South-East Asia have declined. Even domestic markets are missing wholesalers and bulk buyers post Diwali.

Analysts expect December futures to crack lower as new crop arrivals are expected to flood the markets in a few weeks from now, while the market is already burdened with a hefty carryover stock of 45 Lakh bags (1 bag=60 Kgs). Traders are extremely cautious with their purchase and are bargaining heavily.

Commodity	Market	Variety	Min	Max	Min	Max	Change(Max Today-Prev Max)	Arrival
Turmeric	Nizamabad	Gattha	5600	5700	5600	5700	0	4000
Turmeric	Nizamabad	Finger	5600	5800	5600	5800	0
Turmeric	Nizamabad	D P Finger	6500	6600	6500	6600	0
Turmeric	Nizamabad	D P Gattha	6500	6600	6500	6600	0
Turmeric	Basmatnagar	Gattha	4800	5400	5200	5400	0	3500
Turmeric	Basmatnagar	Finger	5000	5800	5000	6200	-400
Turmeric	Sangli	Kadapa	5400	5500	5400	5500	0
Turmeric	Sangli	Rajapuri	5800	6800	5800	6800	0	2000
Turmeric	Warangal	Gattha	4200	4200	4100	4200	0	50
Turmeric	Warangal	Finger	4400	4500	4500	4600	-100
Turmeric	Kesamudram	Gattha	4300	4400	4300	4400	0	50
Turmeric	Kesamudram	Finger	4600	4700	4600	4700	0
Turmeric	Erode	Finger	6000	6100	6000	6100	0	2500
Turmeric	Erode	Gattha	5500	5700	5500	5700	0
Turmeric	Nanded	Gattha	5100	5300	5100	5300	0	NOArrival No rate
Turmeric	Nanded	Finger	5500	5700	5500	5700	0