Mumbai, February 27 (CommoditiesControl): Turmeric spot prices reported a steady to firm sentiment, with aggressive buying activities at lower levels leading to an increase of Rs 200-500 per quintal in major markets such as Nizamabad, Sangli, Warangal, and Nanded. While some markets in Maharashtra remained stable, the overall outlook is influenced by increased arrivals, impacting both spot and futures markets. Despite all markets being open, decreased arrivals supported a price rally.
Domestic and export inquiries are expected to drive demand, with the anticipation of higher-quality arrivals compared to the previous season. Improved rhizome quality is expected this year, as heavy rains and flooding resulted in lower-quality material last season.
Arrivals were reported at 22,500 bags, down by 5,000 from the previous session, primarily due to a sharp drop in arrivals in Nizamabad. Nizamabad recorded 20,000 bags, Erode 2,500 bags, Sangli 9,000, and Nanded 1,000 bags. Arrivals were 30-40% lower than anticipated due to significantly lower output.
Turmeric futures prices on NCDEX markets have hit the upper circuit, with a 6% increase in April and June contracts. Prices are expected to remain volatile with a positive bias in the near future as new arrivals start. Anticipated lower arrivals than usual are attributed to farmers and village-level aggregators stockpiling material ahead of expected higher prices later in the season.
NCDEX Spot (Rs/Qtl):
- Nizamabad - NCDEX Polished: 14,622
- Nizamabad - NCDEX Unpolished: 13,957
- Sangli - NCDEX Rajapore: 16,073
NCDEX Future (Rs/Qtl):
- Apr-24: 16,604 (+938, +6.0%)
- Jun-24: 16,948 (+958, +6.0%)
Turmeric contract for APR delivery settled at Rs 16604/quintal showing an rise of Rs 938 over previous close of Rs 15666/quintal,The contract moved in the range of Rs 15806-16604 for the day. Open interest increased by 5 MT to 14370 MT, while trading volume increased by 3000 to 5330 MT.
Turmeric contract for JUN delivery settled at Rs 16948/quintal showing an rise of Rs 958 over previous close of Rs 15990/quintal,The contract moved in the range of Rs 16166-16948 for the day. Open interest increased by 120 MT to 1230 MT, while trading volume increased by 475 to 705 MT.
Currently The spread between APR and JUN contract is -344 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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