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Turmeric Spot Prices Remained Stable to Weak; NCDEX Futures Up

24 May 2024 5:15 pm
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Mumbai, May 24 (Commoditiescontrol): Turmeric prices exhibited a stable to weak trend across major spot markets today. Notably, prices in Nanded and Nizamabad remained steady, whereas other markets witnessed a decline. Spot prices dropped by Rs 200-300 per quintal, influenced by the fall in NCDEX futures market prices. However, a sharp recovery in futures prices during the final hour of trading indicates that spot prices might see an uptick.

Arrivals in the spot markets saw a sharp decline, with around 10,600 bags arriving compared to 8,500 bags in the previous session. Erode, in particular, saw a significant increase in arrivals. Despite this spike, overall arrivals are expected to remain low due to limited supply and rising prices. Market participants predict that this season’s production will be 20-25% lower than last year.

The Department of Commerce released EXIM data for March, revealing that turmeric exports were 17,433 MT, down 7.4% from the previous year, while imports were 1,227 MT, up 32.6%. Total exports from April to March stood at 1.62 lakh tons, a 5% decrease year on year. Export volumes have remained significantly lower over the past 4-5 months.

Turmeric futures on the NCDEX market saw a robust increase due to strong buying activity from lower levels. Prices for June and August contracts surged by 4.0%, signaling bullish market sentiment. This strong buying activity is expected to sustain, pushing NCDEX prices higher in the coming days.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 17,998
- Nizamabad - NCDEX Unpolished: 17,029
- Sangli - NCDEX Rajapore: 19,517

NCDEX Future Prices (Rs/Qtl):
- June-24: 20,172 (+774, +4.0%)
- August-24: 20,776 (+798, +4.0%)

Turmeric contract for JUN delivery settled at Rs 20172/quintal showing an rise of Rs 774 over previous close of Rs 19398/quintal,The contract moved in the range of Rs 19200-20172 for the day. Open interest decreased by -175 MT to 15850 MT, while trading volume increased by 655 to 4805 MT.


Turmeric contract for AUG delivery settled at Rs 20766/quintal showing an rise of Rs 798 over previous close of Rs 19968/quintal,The contract moved in the range of Rs 19812-20766 for the day. Open interest increased by 660 MT to 6430 MT, while trading volume increased by 345 to 1945 MT.


Currently The spread between JUN and AUG contract is -594 Rs/quintal.










       
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