Turmeric Spot Prices Show Mixed Trends; NCDEX Futures Surge

Mumbai, March 20 (CommoditiesControl): Turmeric markets witnessed a mixed trends in spot prices, with fluctuations observed across major trading hubs. While prices experienced a decline in Erode and Basmatnagar, they surged in Nanded, Hingoli, and Nizamabad. In Erode, prices fell by Rs 300-400 per quintal following a notable surge last week, signaling a correction phase in response to sharp price increases. This correction has led to a subdued spot demand, although market participants remain optimistic due to reported export inquiries, which are expected to provide support to prices in the near term.

Arrivals in the turmeric markets showed improvement, reaching 46,600 bags from 39,900 bags recorded in the previous session. Most markets in Maharashtra remained operational, contributing to the uptick in arrivals. However, Nizamabad and Erode witnessed a drop in arrivals, standing at 12,000 bags and 5,500 bags, respectively. The overall arrivals were reported to be 20-30% lower than anticipated, attributed to significantly reduced output levels.

On the futures front, turmeric prices on the NCDEX markets displayed resilience, surging after a period of stabilization during the previous session. Strong buying activity at lower price levels propelled futures prices, with April contracts witnessing a 1.6% increase and June contracts recording a 1.3% rise.

NCDEX Spot Prices (RS/Qtl):
- Nizamabad - NCDEX Polished: 16,600
- Nizamabad - NCDEX Unpolished: 15,892
- Sangli - NCDEX Rajapore: 18,655

NCDEX Future Prices (RS/Qtl):
- Apr-24: 17,790 (+276, +1.6%)
- Jun-24: 18,250 (+242, +1.3%)

Turmeric contract for APR delivery settled at Rs 17790/quintal showing an rise of Rs 276 over previous close of Rs 17514/quintal,The contract moved in the range of Rs 17422-17980 for the day. Open interest increased by 110 MT to 15600 MT, while trading volume decreased by -75 to 3415 MT.

Turmeric contract for JUN delivery settled at Rs 18250/quintal showing an rise of Rs 242 over previous close of Rs 18008/quintal,The contract moved in the range of Rs 17982-18458 for the day. Open interest increased by 370 MT to 2770 MT, while trading volume increased by 325 to 1245 MT.

Currently The spread between APR and JUN contract is -460 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)