Turmeric Spot Prices Show Stability to Uptick; NCDEX Futures Up

Mumbai, April 19 (CommoditiesControl): Turmeric spot prices witnessed stability to an uptick in major markets driven by increased demand. Selected markets reported price increases ranging from Rs 200 to Rs 500 per quintal, while prices in Nizamabad remained steady. Buyers are adopting a wait and watch approach amid sharp and volatile price fluctuations observed in recent weeks.

Arrivals saw a slight uptick to 27,600 bags from 26,100 bags in the previous session, indicating a modest increase in market arrivals. However, arrivals remain 40-50% lower compared to previous seasons due to reduced production and a reluctance to sell.

Market participants attribute the decline in arrivals to stockists and farmers holding onto their stocks in anticipation of future price hikes. Notable arrivals include 4,000 bags in Nizamabad, 8,000 bags in Hingoli, 300 bags in Duggirala, 5,800 bags in Sangli, and 4,500 bags in Nanded.

Turmeric futures prices on the NCDEX continued their upward trajectory fueled by robust buying activity at lower price levels. Prices saw an increase of 1.6% in June contracts and 2.1% in August contracts. Market sentiment suggests that NCDEX futures prices are likely to remain supported in the coming days.

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 17,242
- Nizamabad - NCDEX Unpolished: 16,409
- Sangli - NCDEX Rajapore: 18,960

NCDEX Futures (RS/Qtl)
- Jun-24: 18,640 (+294, +1.6%)
- Aug-24: 19,020 (+398, +2.1%)

Turmeric contract for APR delivery settled at Rs 16454/quintal showing an was simillar of Rs 0 over previous close of Rs 16454/quintal,The contract moved in the range of Rs 16454-16454 for the day. Open interest decreased by -170 MT to 275 MT, while trading volume increased by 30 to 50 MT.

Turmeric contract for JUN delivery settled at Rs 18640/quintal showing an rise of Rs 294 over previous close of Rs 18346/quintal,The contract moved in the range of Rs 18360-19400 for the day. Open interest increased by 295 MT to 18080 MT, while trading volume increased by 4555 to 8770 MT.

Currently The spread between APR and JUN contract is -2186 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)