Mumbai, February 19 (CommoditiesControl): Turmeric prices in major markets displayed a mixed trend, with decreases of Rs 100-300 per quintal in Duggirala and Nizamabad, and increases of Rs 100-400 per quintal. Demand is expected to remain robust due to strong domestic and export inquiries. However, markets in Maharashtra remained closed for Chhatrapati Shivaji Maharaj Jayanti.
Reports indicate strong domestic and export demand, with higher-quality arrivals compared to the previous two seasons. Last season, heavy rains and floods led to lower-quality material, but the quality of rhizomes is reported to be good this year.
Despite the closure of a few markets, arrivals were reported at 32,400 bags, nearly double from the previous session. The sharp increase in Nizamabad arrivals contributed to the overall surge, even with market closures in Maharashtra. Nizamabad reported 30,000 bags, Erode had 2,100, and Duggirala reported 300. Arrivals were reported to be 30-40% lower than anticipated due to significantly lower output.
In the NCDEX futures market, turmeric prices rose marginally in the final hour of trading. Prices increased by 1.6% in April and 0.7% in June. The near-term outlook suggests potential volatility as new arrivals begin. Farmers and village-level aggregators are stockpiling material in anticipation of future price increases, resulting in significantly lower-than-usual arrivals.
NCDEX Spot (INR/Qtl):
- Nizamabad (NCDEX Polished): 14,220
- Nizamabad (NCDEX Unpolished): 13,601
- Sangli (NCDEX Rajapore): 15,264
NCDEX Futures (INR/Qtl):
- Apr-24: 15,440 (+250, +1.6%)
- Jun-24: 15,644 (+114, +0.7%)
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Turmeric contract for APR delivery settled at Rs 15440/quintal showing an rise of Rs 250 over previous close of Rs 15190/quintal,The contract moved in the range of Rs 14900-15440 for the day. Open interest decreased by -40 MT to 13995 MT, while trading volume increased by 135 to 1850 MT
Turmeric contract for JUN delivery settled at Rs 15644/quintal showing an rise of Rs 114 over previous close of Rs 15530/quintal,The contract moved in the range of Rs 15220-16140 for the day. Open interest increased by 110 MT to 900 MT, while trading volume increased by 100 to 245 MT
Currently The spread between APR and JUN contract is -204 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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