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Turmeric Prices Hold Steady Amid Limited Price Movement

7 Dec 2023 4:52 pm
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Mumbai, December 7 (CommoditiesControl): Turmeric spot prices remained generally steady, except in Duggirala, where a deviation was observed.

Major markets reported stability in turmeric spot prices, with a consistent trend over the past 2-3 months. The market has experienced a limited price range due to a lack of significant developments in the spot markets.

Stockists are reportedly making cautious purchases, influenced by the prevailing price instability. Export demand has been unusually sluggish during the same period, contributing to the overall price control.

While there was an increase in arrivals, particularly in Erode, compared to the previous session, the overall supply remains notably lower than usual. The spot markets continue to witness reduced arrivals, primarily due to the insufficient supply of turmeric.

Reports indicate a total of 7,100 bags were received, marking an increase of nearly 2,100 bags from the preceding session. Erode alone received 5,500 bags, reflecting a substantial rise of 3,000 bags. On the other hand, Nizamabad reported a mere 600 bags, while Basmatnagar, Sangli, and Hingoli markets were reportedly closed.

Market observers note a slowdown in demand, with exceptionally low export demand playing a pivotal role in driving down prices. Anticipation of a forthcoming crop shortage is expected to keep arrivals low, potentially causing prices to surge starting January of the upcoming year.

Turmeric futures prices experienced a decline after showing an upward trend in the preceding two sessions on the National Commodity and Derivatives Exchange (NCDEX). The December and April contracts witnessed a 1.8% drop. Recent reports indicate favorable rainfall in key turmeric-growing regions of Maharashtra, which is likely to positively impact crop conditions. Improved weather conditions contribute to the downward pressure on both futures and spot market prices, along with weakened demand.

Noteworthy spot and futures prices on NCDEX are as follows:

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 13,266
- Nizamabad - NCDEX Unpolished: 12,426
- Sangli - NCDEX Rajapore: 14,979

NCDEX Future (RS/Qtl)
- Dec-23: 12,818 (-232, -1.8%)
- Apr-24: 15,020 (-276, -1.8%)

Turmeric contract for DEC delivery settled at Rs 12604/quintal showing an fall of Rs -232 over previous close of Rs 12836/quintal,The contract moved in the range of Rs 12550-12784 for the day. Open interest decreased by -40 MT to 10305 MT, while trading volume increased by 765 to 2260 MT.

Turmeric contract for JAN delivery settled at Rs 14788/quintal showing an fall of Rs -276 over previous close of Rs 15064/quintal,The contract moved in the range of Rs 14750-15014 for the day. Open interest increased by 265 MT to 7625 MT, while trading volume increased by 630 to 2125 MT.

Currently The spread between DEC and JAN contract is -2184 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)

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