Mumbai, February 26 (CommoditiesControl): Turmeric prices in major markets displayed a mixed trend, with declines in Duggirala countered by increases in Nizamabad and Warangal. Meanwhile, other centers reported stable prices. All markets in Maharashtra remained closed. Domestic and export inquiries are anticipated to drive demand, but the market is grappling with the impact of increased arrivals, influencing both spot and futures prices on the NCDEX.
Despite heightened arrivals during the harvesting season, turmeric prices remained stable to firm due to strong demand. The anticipation of robust domestic and export demand is supported by the expectation of higher-quality arrivals compared to the previous season, which was affected by heavy rains and floods, resulting in lower-quality material. This year, an improvement in rhizome quality is anticipated.
In Maharashtra, where markets are closed, arrivals were reported at 28,700 bags, reflecting a decrease of 14,000 from the previous session. Nizamabad registered 25,000 bags, Erode 2,600 bags, and Duggirala 500 bags. Arrivals were reportedly 30-40% lower than expected, attributed to significantly reduced output.
Turmeric futures prices on the NCDEX markets ended marginally higher, with a 2.3% increase in April and a 2.9% rise in June. Volatility is expected to persist in the near term as new arrivals commence, with farmers and village-level aggregators strategically stockpiling material in anticipation of higher prices later in the season.
December's EXIM data revealed a 13% lower export volume at 10,426 MT, while imports surged by 29.8% year-on-year to 1,217 MT, driven by stronger imports from Indonesia, Myanmar, and Ethiopia. Lower exports to Bangladesh contributed to the overall decline, with a 68% decrease reported at 681 MT. However, cumulative exports from April to December stood at 1,21,171 MT, reflecting a modest 1.8% year-on-year decrease.
NCDEX Spot Prices (RS/Qtl):
- Nizamabad - NCDEX Polished: 14,461
- Nizamabad - NCDEX Unpolished: 13,952
- Sangli - NCDEX Rajapore: 15,530
NCDEX Future Prices (RS/Qtl):
- Apr-24: 15,654 (+352, +2.3%)
- Jun-24: 15,986 (+454, +2.9%)
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Turmeric contract for APR delivery settled at Rs 15654/quintal showing an rise of Rs 352 over previous close of Rs 15302/quintal,The contract moved in the range of Rs 15302-15898 for the day. Open interest increased by 200 MT to 14365 MT, while trading volume increased by 865 to 2330 MT.
Turmeric contract for JUN delivery settled at Rs 15986/quintal showing an rise of Rs 454 over previous close of Rs 15532/quintal,The contract moved in the range of Rs 15860-16000 for the day. Open interest increased by 60 MT to 1110 MT, while trading volume increased by 85 to 230 MT.
Currently The spread between APR and JUN contract is -332 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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