Turmeric Market Sees Stability to Weakness in Spot Prices; NCDEX Futures on a Decline

Mumbai, April 12 (CommoditiesControl): Turmeric prices in major spot markets have displayed a trend ranging from stable to weak, primarily due to subdued demand observed at higher price levels. Upon reopening after 2-3 sessions owing to festive holidays, prices experienced a decline of Rs 300-800 per quintal. Export demand, deemed sluggish, has further contributed to the downward pressure on prices.

Arrivals surged notably to 66,600 bags from the previous session's 19,000 bags, as the majority of markets resumed operations post-closure. Notable arrivals were reported in Nizamabad (10,000 bags), Erode (4,100 bags), Duggirala (6,000 bags), Nanded (5,000 bags), and Hingoli (25,000 bags). However, despite this uptick, arrivals remain 20-30% lower than usual due to a significant decrease in output.

Turmeric futures prices on the NCDEX witnessed a downward trajectory, attributed to speculative selling activities. Prices experienced a decline of 3.6% in April contracts and 3.4% in June contracts. Despite this decline, NCDEX futures prices are anticipated to find support in the upcoming trading sessions.

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: Rs 15,934
- Nizamabad - NCDEX Unpolished: Rs 15,155
- Sangli - NCDEX Rajapore: Rs 17,303

NCDEX Future (RS/Qtl)
- Apr-24: Rs 15,732 (-590, -3.6%)
- Jun-24: Rs 16,180 (-562, -3.4%)

Turmeric contract for APR delivery settled at Rs 15732/quintal showing an fall of Rs -590 over previous close of Rs 16322/quintal,The contract moved in the range of Rs 15590-16084 for the day. Open interest decreased by -1890 MT to 2455 MT, while trading volume increased by 1755 to 4390 MT.

Turmeric contract for JUN delivery settled at Rs 16180/quintal showing an fall of Rs -562 over previous close of Rs 16742/quintal,The contract moved in the range of Rs 16002-16518 for the day. Open interest increased by 1970 MT to 17180 MT, while trading volume increased by 3620 to 7045 MT.

Currently The spread between APR and JUN contract is -448 Rs/quinta

(By Commoditiescontrol Bureau: +91 9820130172)