Turmeric Spot Prices and NCDEX Futures Show Mixed Trend

Mumbai, March 26 (Commodities Control): Turmeric markets experienced a mixed trend both in spot prices across major markets and in NCDEX futures today.

In major spot markets, turmeric prices displayed a varied pattern, with declines observed in Duggirala and Sangli, while prices rose in Nanded and Basmatinagar. The trading activity was reported to be sluggish due to ongoing holidays, resulting in significantly lower arrivals in some markets. However, prices in other markets remained relatively stable.

Despite the slow trading activity, spot demand was noted to be high following a recent drop in prices. Export inquiries have also been reported, which is anticipated to bolster prices in the near term. However, trading activities were hindered by year-end closing procedures and the festival of Holi.

Arrivals witnessed a notable decrease to 16,500 bags from 36,800 bags in the previous session, primarily attributed to lower arrivals in Nizamabad and Erode. The festive season contributed to this decline, with Sangli reporting 8,000 bags, Basmatinagar 4,000 bags, and Nanded 4,000 bags. Notably, arrivals were 20-30% lower than expected due to a notable decrease in output.

In the NCDEX futures market, turmeric prices displayed a mixed trend with low trading activity. Prices increased marginally by 0.3% in April contracts but experienced a slight decline of 0.1% in June contracts.

Turmeric contract for APR delivery settled at Rs 17536/quintal showing an rise of Rs 48 over previous close of Rs 17488/quintal,The contract moved in the range of Rs 17222-18186 for the day. Open interest increased by 130 MT to 14200 MT, while trading volume decreased by -2960 to 3570 MT

Turmeric contract for JUN delivery settled at Rs 18000/quintal showing an fall of Rs -18 over previous close of Rs 18018/quintal,The contract moved in the range of Rs 17610-18738 for the day. Open interest increased by 320 MT to 4735 MT, while trading volume decreased by -1420 to 1320 MT.

Currently The spread between APR and JUN contract is -464 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)