Turmeric Spot Prices Show Mixed Trend; NCDEX Futures Slightly Decline

Mumbai, April 29 (Commodities Control): Turmeric prices in major spot markets displayed a mixed trend, with increases noted in Warangal, Hingoli, and Erode, while declines were observed in Duggirala and Nanded. Prices remained stable in other centers despite a significant rise in arrivals. The robust demand stemming from active buying by stockists and end-users has contributed to the strength in demand, balancing the market trends amid increased arrivals.

Arrivals surged to 55,800 bags, a notable increase from the previous session's 16,100 bags, primarily driven by higher arrivals across various markets. Additionally, the opening of all centers further fueled the sharp rise in arrivals.

Turmeric futures prices on the NCDEX market witnessed a marginal decline for the fourth consecutive session, attributed to profit-taking activities at higher levels. However, the extent of the price drop was minimal, indicating a consolidation phase following a significant rise. June and August contracts experienced declines of 0.5% and 0.7%, respectively. Despite this, NCDEX futures prices are anticipated to find support in the upcoming days.

The Department of Commerce released EXIM data for February, revealing a 12.7% drop in exports to 12,923 metric tons. Lower exports from Saudi Arabia and Morocco notably contributed to this decline. Cumulative exports from April to February recorded a 4% decrease, primarily attributed to reduced exports in the preceding 4-5 months. Conversely, imports surged by 142% to 1,629 metric tons, driven by increased imports from Vietnam and Cambodia.

NCDEX Spot and Futures Prices:
- Nizamabad - NCDEX Polished: Rs. 17,567 per quintal
- Nizamabad - NCDEX Unpolished: Rs. 16,674 per quintal
- Sangli - NCDEX Rajapore: Rs. 18,974 per quintal

NCDEX Futures:
- Jun-24: Rs. 18,920 per quintal (-Rs. 120, -0.5%)
- Aug-24: Rs. 19,400 per quintal (-Rs. 142, -0.7%)

Turmeric contract for JUN delivery settled at Rs 18920/quintal showing an fall of Rs -110 over previous close of Rs 19030/quintal,The contract moved in the range of Rs 18640-19400 for the day. Open interest increased by 500 MT to 19350 MT, while trading volume increased by 65 to 3545 MT.

Turmeric contract for AUG delivery settled at Rs 19400/quintal showing an fall of Rs -142 over previous close of Rs 19542/quintal,The contract moved in the range of Rs 19158-19810 for the day. Open interest increased by 75 MT to 575 MT, while trading volume decreased by -25 to 215 MT.

Currently The spread between JUN and AUG contract is -480 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)