Turmeric Spot Prices Remain Stable to Weak; NCDEX Futures Show Volatility

New Delhi, Feb 15 (Commoditiescontrol): Turmeric spot prices in major markets have shown a trend of stability to weakness, witnessing a decline of Rs 300-400 per quintal in Duggirala, Basmatnagar, and Nanded, while remaining stable in other centers.

The ongoing arrivals season, coupled with volatile futures, has contributed to keeping prices within a broad range. Despite the recent correction in prices, strong demand, driven by both domestic and export inquiries, has played a role in maintaining stability.

Market reports indicate that total arrivals reached 25,900 bags, marking an increase of 9,000 bags from the previous session. The opening of Nanded and Basmatnagar, along with heightened arrivals in the Erode and Sangli markets, contributed to the rise.

Specifically, Nizamabad and Basmatnagar reported 8,000 bags each, Erode had 5,000 bags, Sangli reported 3,800 bags, and Nanded contributed 2,000 bags. Despite the increase, arrivals were noted to be 30-40% lower than expected, primarily attributed to significantly reduced output.

Turmeric futures prices on the NCDEX markets recorded an uptick due to robust buying at current levels. Prices rose by 2.1% in April and 2.8% in June. Expectations suggest that prices will continue to exhibit volatility in the near term as new arrivals commence. Anticipated lower-than-usual arrivals are foreseen, as farmers and village-level aggregators stockpile the commodity in anticipation of future price increases later in the season.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 13,882
- Nizamabad - NCDEX Unpolished: 13,204
- Sangli - NCDEX Rajapore: 15,317

NCDEX Future Prices (Rs/Qtl):
- Apr-24: 15,288 (+318, +2.1%)
- Jun-24: 15,606 (+438, +2.8%)

(By CommoditiesControl Bureau; +91-9820130172)

Turmeric contract for APR delivery settled at Rs 15288/quintal showing an rise of Rs 318 over previous close of Rs 14970/quintal,The contract moved in the range of Rs 14900-15568 for the day. Open interest increased by 610 MT to 13985 MT, while trading volume increased by 985 to 2795 MT

Turmeric contract for JUN delivery settled at Rs 15606/quintal showing an rise of Rs 430 over previous close of Rs 15176/quintal,The contract moved in the range of Rs 15298-15782 for the day. Open interest increased by 60 MT to 780 MT, while trading volume increased by 195 to 265 MT.

Currently The spread between APR and JUN contract is -318 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)