Turmeric Prices Show Mixed Trend; NCDEX Futures Dip Slightly

Mumbai, April 22 (Commoditiescontrol): Turmeric prices exhibited a mixed trend, with declines noted in Erode, Warangal, and Duggirala, while Nizamabad saw an increase. Following a sharp rise in prices last week, demand reportedly slowed as stockists exercised caution.

Buyers are adopting precarious approach due to the recent significant price hikes and volatility. Lower arrivals, particularly in Nizamabad, contributed to price increases compared to other markets.

Arrivals decreased to 22,600 bags from the previous session's 27,600 bags, reflecting reduced inflows across major markets. However, arrivals remain 40-50% lower than in previous seasons, attributed to reduced production and reluctance to sell.

Market observers suggest that diminished arrivals are a result of stockists and farmers holding onto stocks in anticipation of future price hikes. Notable arrivals were reported in Nizamabad (4,500 bags), Hingoli (6,000 bags), Duggirala (1,200 bags), Sangli (6,000 bags), and Nanded (4,500 bags).

Following a significant uptick last week, Turmeric futures prices on the NCDEX market experienced a marginal decline. While prices dipped sharply in the morning session, they recovered slightly in the closing hours. June contract prices decreased by 0.3%, while August contract prices fell by 1.0%. Despite this dip, NCDEX futures prices are anticipated to remain supported in the upcoming days.

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 17,258
- Nizamabad - NCDEX Unpolished: 16,378
- Sangli - NCDEX Rajapore: 18,895

NCDEX Future (RS/Qtl)
- Jun-24: 18,536 (-52, -0.3%)
- Aug-24: 19,020 (-190, -1.0%)

Turmeric contract for JUN delivery settled at Rs 18536/quintal showing an fall of Rs -52 over previous close of Rs 18588/quintal,The contract moved in the range of Rs 18220-18902 for the day. Open interest increased by 18030 MT to 18305 MT, while trading volume increased by 3165 to 3215 MT.

Turmeric contract for AUG delivery settled at Rs 19020/quintal showing an fall of Rs -190 over previous close of Rs 19210/quintal,The contract moved in the range of Rs 18938-19358 for the day. Open interest decreased by -17855 MT to 225 MT, while trading volume decreased by -8525 to 245 MT.

Currently The spread between JUN and AUG contract is -484 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)