Turmeric Spot Prices Hold Firm; NCDEX Futures Witness Decline

Mumbai, February 16 (CommoditiesControl): Turmeric spot prices displayed stability to firm trend in major markets, with a notable price increase of Rs 100-300 per quintal observed in Duggirala and Hingoli.

Despite a few markets being closed due to the ongoing festival, the demand for turmeric remains high, driven by both domestic and export inquiries. Monday is expected to see further market closures in Maharashtra due to Chhatrapati Shivaji Maharaj Jayanti.

Arrivals, reported at 16,800 bags, remained nearly unchanged from the previous session. This stability is attributed to a sharp increase in arrivals in Erode and the reopening of the Duggirala and Hingoli markets. Nizamabad reported 8,000 bags, Erode had 2,800, Sangli had 4,200, and Hingoli had 2,000. Despite closed markets, the steady arrivals are noted to be 30-40% lower than anticipated, reflecting a significantly lower output.

Turmeric futures prices in the NCDEX markets experienced a slight decline, with a 1.0% drop in April and a 1.3% decrease in June. The market anticipates continued volatility in the near future as new arrivals commence. Expectations of lower-than-usual arrivals are fueled by farmers and village-level aggregators stockpiling material in anticipation of potential price increases later in the season.

NCDEX Spot Prices (RS/Qtl):
- Nizamabad - NCDEX Polished: 13,839
- Nizamabad - NCDEX Unpolished: 13,182
- Sangli - NCDEX Rajapore: 15,264

NCDEX Futures Prices (RS/Qtl):
- Apr-24: 15,180 (-150, -1.0%)
- Jun-24: 15,424 (-196, -1.3%)

Turmeric contract for APR delivery settled at Rs 15180/quintal showing an fall of Rs -150 over previous close of Rs 15330/quintal,The contract moved in the range of Rs 15112-15620 for the day. Open interest increased by 50 MT to 14035 MT, while trading volume decreased by -1080 to 1715 MT.

Turmeric contract for JUN delivery settled at Rs 15454/quintal showing an fall of Rs -196 over previous close of Rs 15650/quintal,The contract moved in the range of Rs 15424-15812 for the day. Open interest increased by 10 MT to 790 MT, while trading volume decreased by -120 to 145 MT.

Currently The spread between APR and JUN contract is -274 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)