Turmeric Spot Prices Surge; NCDEX Futures Hit Upper Circuit

Mumbai, April 18 (Commoditiescontrol): Turmeric prices witnessed a significant uptick in major spot markets, driven by heightened demand. Notably, Nizamabad and Nanded markets experienced substantial growth.

Turmeric prices surged by Rs 200-1,000 per quintal in major markets, while markets in Andhra Pradesh and Telangana remained stable. However, stockists in these regions showed reluctance in purchasing due to extreme price volatility observed in recent months.

Arrivals spiked to 26,100 bags from 21,400 in the previous session, indicating a sharp decline in arrivals across the market. Market observers suggest that this drop in arrivals could be attributed to stockists or farmers holding onto their stocks, anticipating future price increases. Nizamabad reported 8,000 bags, Erode 1,000, Duggirala 600, Sangli 8,500, Nanded 4,000, and Basmatnagar 4,000. Arrivals remained 20-30% lower than normal due to significantly reduced output.

On the NCDEX, turmeric futures prices surged to the upper circuit, driven by robust buying activity at lower price levels. Prices had witnessed a substantial decline in the past week, prompting heavy buying interest at lower levels. The prices surged by 6.0% between June and August contracts, indicating strong market support for NCDEX futures in the coming days.

NCDEX Spot (RS/Qtl):
- Nizamabad - NCDEX Polished: 16,721
- Nizamabad - NCDEX Unpolished: 15,975
- Sangli - NCDEX Rajapore: 18,425

NCDEX Future (RS/Qtl):
- Jun-24: 18,346 (+1,038, +6.0%)
- Aug-24: 18,878 (+1,068, +6.0%)

Turmeric contract for APR delivery settled at Rs 16454/quintal showing an was simillar of Rs 0 over previous close of Rs 16454/quintal,The contract moved in the range of Rs 16298-16598 for the day. Open interest decreased by -440 MT to 445 MT, while trading volume decreased by -120 to 20 MT.

Turmeric contract for JUN delivery settled at Rs 18346/quintal showing an rise of Rs 1038 over previous close of Rs 17308/quintal,The contract moved in the range of Rs 17650-18346 for the day. Open interest increased by 55 MT to 17785 MT, while trading volume decreased by -120 to 4215 MT.

Currently The spread between APR and JUN contract is -1892 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)