Turmeric Prices Show Stability and Recovery in Spot and Futures Markets

Mumbai, April 3 (CommoditiesControl): Turmeric prices in major spot markets demonstrated stability to an upward trend, witnessing improvements ranging from Rs 100 to Rs 350 per quintal, except for Hingoli. This positive movement is attributed to robust demand following a recent price correction. Additionally, expectations of significantly lower production this season are bolstering prices in the medium to long term.

Arrivals in the market surged to 36,400 bags, marking a substantial increase from the previous session's 16,900 bags. Notably, Hingoli reopened after a prolonged closure, contributing 20,000 bags to the total arrivals. Nizamabad reported 7,000 bags, and Nanded reported 6,000 bags. Market participants noted that arrivals were 20-30% lower than usual due to the anticipated decline in output.

Turmeric futures prices on the National Commodity and Derivatives Exchange (NCDEX) staged a recovery following recent declines, driven by robust bargain buying activity at lower price levels. Prices in both April and June contracts witnessed a notable increase of 1.9% each.

NCDEX Spot Prices (RS/Qtl):
- Nizamabad - NCDEX Polished: Rs 16,364
- Nizamabad - NCDEX Unpolished: Rs 15,475
- Sangli - NCDEX Rajapore: Rs 18,360

NCDEX Future Prices (RS/Qtl):
- Apr-24: Rs 16,854 (+310, +1.9%)
- Jun-24: Rs 17,440 (+322, +1.9%)

Turmeric contract for APR delivery settled at Rs 16854/quintal showing an rise of Rs 310 over previous close of Rs 16544/quintal,The contract moved in the range of Rs 16640-16948 for the day. Open interest decreased by -910 MT to 9205 MT, while trading volume decreased by -2400 to 3250 MT.

Turmeric contract for JUN delivery settled at Rs 17440/quintal showing an rise of Rs 322 over previous close of Rs 17118/quintal,The contract moved in the range of Rs 17170-17550 for the day. Open interest increased by 1565 MT to 10270 MT, while trading volume decreased by -950 to 2710 MT

Currently The spread between APR and JUN contract is -586 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)