Turmeric Spot Prices Show Mixed Trend; NCDEX Futures Marginally Higher

New Delhi, February 23 (Commodities Control): Turmeric prices in major markets exhibited a mixed trend, with increases noted in Duggirala and Basmatnagar, while a decline was observed in Hingoli. Prices in other centers remained stable. The market trends are influenced by domestic and export inquiries, with demand expected to rise. However, increased arrivals are contributing to a wide price range in both futures and spot markets.

Despite a significant surge in arrivals, prices have remained stable to firm, attributed to robust demand. Both domestic and export demand are anticipated to stay strong, with arrivals of higher quality compared to the previous seasons. Last season's adverse weather conditions led to lower-quality material, but an improvement in rhizome quality is expected this year.

The latest market update reports a substantial increase in arrivals as more markets opened. Arrivals were reported at 42,700 bags, marking a notable increase of 13,000 from the previous session. Key markets such as Nizamabad recorded 15,000 bags, Erode 6,400, Sangli 12,000, and Nanded 500. Despite the surge, arrivals were reported to be 30-40% lower than anticipated due to significantly lower output.

Turmeric futures prices on the NCDEX markets closed marginally higher. April futures prices rose by 0.6%, while June futures remained relatively stable. The market expects volatility in the near future as new arrivals commence. Arrivals are anticipated to be lower than usual, as farmers and village-level aggregators stockpile material ahead of expected higher prices later in the season.

In other developments, EXIM data for December revealed a 13% decrease in exports at 10,426 MT, while imports increased by 29.8% year on year to 1,217 MT, driven by stronger imports from Indonesia, Myanmar, and Ethiopia. Lower exports to Bangladesh were a contributing factor, with a 68% decrease reported in December. Cumulative exports from April to December totaled 1,21,171 MT, reflecting a 1.8% year-on-year decline.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 14,170
- Nizamabad - NCDEX Unpolished: 13,570
- Sangli - NCDEX Rajapore: 15,530

NCDEX Future Prices (Rs/Qtl):
- Apr-24: 15,350 (+98, +0.6%)
- Jun-24: 15,500 (-6, -0.0%)

Turmeric contract for APR delivery settled at Rs 15350/quintal showing an rise of Rs 98 over previous close of Rs 15252/quintal,The contract moved in the range of Rs 15190-15470 for the day. Open interest decreased by -30 MT to 14165 MT, while trading volume decreased by -45 to 1465 MT.

Turmeric contract for JUN delivery settled at Rs 15500/quintal showing an fall of Rs -6 over previous close of Rs 15506/quintal,The contract moved in the range of Rs 15500-15664 for the day. Open interest increased by 25 MT to 1050 MT, while trading volume decreased by -40 to 145 MT.

Currently The spread between APR and JUN contract is -150 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)