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Spot Turmeric Generally Muted amid Dull Demand, Carryover Pressure; Futures Extend Weakness

25 Nov 2020 9:20 pm
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Mumbai (Commodities control) - Spot turmeric prices were generally stable from the previous session, across the major markets in India on Wednesday, while futures ended lower for the third consecutive session this week.

Spot turmeric of all varieties were quoted stable in Nizamabad, amid arrivals of 4,000 bags, similar to that in the last session.
Meanwhile, the finger variety of yellow spice dropped Rs 400 at Basmatnagar mandi amid arrivals of 3,500 bags.

Prices were quoted stable in Sangli for both Kadapa and Rajapuri varieties on Wednesday. Meanwhile at Warangal, however, Finger variety dropped Rs 100 to be quoted at Rs 4,400-4,500 per Quintal today, amid arrivals of 50 bags of turmeric.


Turmeric prices were quoted stable at Kesamudram and Erode mandi amid arrivals of 50 bags and 2,500 bags respectively.


On NCDEX, turmeric settled lower by Rs 18 and Rs 24 for December and April futures at Rs 5,554 and Rs 5,904 per Quintal respectively. The most active December contract has shed nearly Rs 150 since Monday.


Having said so, harvest of new crops is expected to commence this week in Maharashtra, Telangana and Andhra pradesh. Meanwhile ample carryover stocks in the market is an area of concern for the prices. Also the stockists and most of the traders are facing a cash crunch due to which they are making purchases as per immediate requirements.


Orders from the Middle-East, U.S, Europe and South-East Asia have declined. Even domestic markets are missing wholesalers and bulk buyers post Diwali.


Analysts expect December futures to crack lower as new crop arrivals are expected to flood the markets in a few weeks from now, while the market is already burdened with a hefty carryover stock of 45 Lakh bags (1 bag=60 Kgs). Traders are extremely cautious with their purchase and are bargaining heavily.

Commodity

Market

Variety

Min

Max

Min

Max

Change(Max Today-Prev Max)

Arrival

Turmeric

Nizamabad

Gattha

5600

5700

5600

5700

0

4000

Turmeric

Nizamabad

Finger

5600

5800

5600

5800

0

Turmeric

Nizamabad

D P Finger

6500

6600

6500

6600

0

Turmeric

Nizamabad

D P Gattha

6500

6600

6500

6600

0

Turmeric

Basmatnagar

Gattha

4800

5400

5200

5400

0

3500

Turmeric

Basmatnagar

Finger

5000

5800

5000

6200

-400

Turmeric

Sangli

Kadapa

5400

5500

5400

5500

0

Turmeric

Sangli

Rajapuri

5800

6800

5800

6800

0

2000

Turmeric

Warangal

Gattha

4200

4200

4100

4200

0

50

Turmeric

Warangal

Finger

4400

4500

4500

4600

-100

Turmeric

Kesamudram

Gattha

4300

4400

4300

4400

0

50

Turmeric

Kesamudram

Finger

4600

4700

4600

4700

0

Turmeric

Erode

Finger

6000

6100

6000

6100

0

2500

Turmeric

Erode

Gattha

5500

5700

5500

5700

0

Turmeric

Nanded

Gattha

5100

5300

5100

5300

0

NOArrival No rate

Turmeric

Nanded

Finger

5500

5700

5500

5700

0



       
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