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Turmeric Spot Prices Show Mixed Trend Amid NCDEX Futures Upswing

29 Feb 2024 4:58 pm
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Mumbai, February 29 (Commodities Control): Turmeric spot prices in major markets exhibited a mixed trend, with Hingoli and Duggirala experiencing an increase of Rs 400-500 per quintal, Basmatnagar witnessing a decline by Rs 100-300 per quintal, and other centers remaining relatively stable.

The market trends are influenced by the anticipation of lower output attributed to a significant reduction in acreage and yield. While both domestic and export inquiries are expected to enhance demand, increased arrivals are contributing to volatility in both futures and spot markets.

Total arrivals amounted to 34,000 bags, marking an increase of 12,200 bags from the previous session as more markets opened in Maharashtra. Nizamabad reported 12,000 bags, Erode 4,100 bags, Basmatnagari 5,000 bags, Sangli 9,000 bags, Hingoli 2,500 bags, and Nanded 1,000 bags. Despite the increase, arrivals were reported to be 30-40% lower than anticipated due to the significantly lower output.

Turmeric futures prices on NCDEX markets continued to rise, driven by bargain buying at lower levels. Prices recorded a 3.1% increase in April and a 2.4% rise in June contracts. The market is expected to remain volatile with a positive bias in the short term as new arrivals commence. Anticipated lower-than-usual arrivals are attributed to farmers and village-level aggregators stockpiling material ahead of anticipated higher prices later in the season.

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 14,787
- Nizamabad - NCDEX Unpolished: 13,893
- Sangli - NCDEX Rajapore: 16,464

NCDEX Future (RS/Qtl)
- Apr-24: 17,192 (+520, +3.1%)
- Jun-24: 17,434 (+404, +2.4%)



Turmeric contract for APR delivery settled at Rs 17192/quintal showing an rise of Rs 520 over previous close of Rs 16672/quintal,The contract moved in the range of Rs 16250-17334 for the day. Open interest increased by 630 MT to 14860 MT, while trading volume increased by 1585 to 4785 MT.

Turmeric contract for JUN delivery settled at Rs 17438/quintal showing an rise of Rs 404 over previous close of Rs 17034/quintal,The contract moved in the range of Rs 16580-17612 for the day. Open interest increased by 80 MT to 1400 MT, while trading volume increased by 145 to 475 MT.

Currently The spread between APR and JUN contract is -246 Rs/quintal.


(By Commoditiescontrol Bureau: +91 9820130172)


       
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