Mumbai, July 16 (Commodities Control): The turmeric market has displayed mixed trends, with spot prices varying across regions while NCDEX futures prices have shown a recovery from recent declines. The Ministry of Commerce's EXIM figures for May indicate that turmeric exports were 17,415 metric tons (MT), a 12.2% decrease year-on-year. For the April-May period, exports totaled 31,524 tons, down 20%. However, imports surged, with 3,594 tons reported for May, up from 852 tons the previous year. April-May imports were 7,182 tons, significantly higher than the 1,387 tons recorded in the same period last year, with Myanmar and Vietnam being the primary sources.
In the NCDEX markets, turmeric prices have bounced back due to strong buying activity at lower price levels, despite futures trading at a six-month low. Traders expect prices to remain within a narrow range until the expiration of the August contract. Futures prices for October contracts improved by 1.6%, while August contracts increased by 1.8%.
Spot market prices for turmeric have risen, with an increase of Rs 200-300 per quintal reported. Local traders note that buyers are engaging in hand-to-mouth transactions to manage price levels.
Market arrivals were significantly lower at 2,058 bags, down from 6,745 bags the previous session, due to market closures. Farmers are anticipating a substantial increase in acreage this season; however, if prices remain low, the expected increase may not be as large.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 16,552
- Nizamabad - NCDEX Unpolished: 15,740
- Sangli - NCDEX Rajapore: 18,000
NCDEX Future Prices (Rs/Qtl):
- October 2024: 16,480 (+256, +1.6%)
- August 2024: 15,768 (+278, +1.8%)
Turmeric contract for AUG delivery settled at Rs 15768/quintal showing an rise of Rs 278 over previous close of Rs 15490/quintal,The contract moved in the range of Rs 15492-15798 for the day. Open interest increased by 35 MT to 20195 MT, while trading volume decreased by -2555 to 1395 MT.
Turmeric contract for OCT delivery settled at Rs 16480/quintal showing an rise of Rs 256 over previous close of Rs 16224/quintal,The contract moved in the range of Rs 16258-16480 for the day. Open interest increased by 165 MT to 7325 MT, while trading volume decreased by -1215 to 485 MT.
Currently The spread between AUG and OCT contract is -712 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 10336, was 16-Jul-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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