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Spot Turmeric Rises in Warangal, Steady in Nizamabad; Futures End in Red for Fourth Straight Session

26 Nov 2020 8:23 pm
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Mumbai (Commodities control) - Spot turmeric prices were mixed as compared with the previous session, across the major markets in India on Thursday, while futures ended lower for the fourth consecutive session this week.


On NCDEX, turmeric settled lower by Rs 54 and Rs 38 for December and April futures at Rs 5,500 and Rs 5,870 per Quintal respectively. The most active December contract has shed over Rs 200 since Monday.



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 Gathha and finger varieties of yellow spice dropped Rs 100 each, at Basmatnagar mandi amid arrivals of 3,500 bags.


Prices were quoted stable in Sangli for both Kadapa and Rajapuri varieties on Thursday. Meanwhile at Warangal, however, Gathha and Finger varieties rose Rs 200 and Rs 100 respectively, to be quoted at Rs 4,300-4,400 and Rs 4500-4600 per Quintal today, amid arrivals of 50 bags of turmeric.


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


Harvest of new crops is expected to commence this week in Maharashtra, Telangana and Andhra pradesh. Ample carryover stocks in the market is an area of concern for the prices.


Meanwhile, Sri Lanka has banned imports of Indian turmeric, the trade here, however, seems to be unfazed. The Sri Lankan government banned turmeric imports in December 2019 to encourage local production of the spice crop and to protect small and medium-size businesses.


A section of traders said there won’t be much impact as Indian production is seen lower this year and the cost-conscious Lankan market prefers only cheaper varieties.


India produced 9.39 lakh tonnes in 2019-20, down from the 9.5 lakh tonnes it produced the previous year, according to Spices Board data. Also, both domestic and export demand is on the rise thanks to the immunity booster tag attached to the spice and Indian exporters have got robust orders from West Asia, the US, the EU and even Bangladesh.

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

4900

5300

4800

5400

-100

3500

Turmeric

Basmatnagar

Finger

5000

5700

5000

5800

-100

Turmeric

Sangli

Kadapa

5400

5500

5400

5500

0

Turmeric

Sangli

Rajapuri

5800

6800

5800

6800

0

2000

Turmeric

Warangal

Gattha

4300

4400

4200

4200

200

50

Turmeric

Warangal

Finger

4500

4600

4400

4500

100

Turmeric

Kesamudram

Gattha

4300

4400

4300

4400

0

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

5200

5400

5100

5300

100

1000

Turmeric

Nanded

Finger

5200

5600

5500

5700

-100



       
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