New Delhi, August 8 (Commoditiescontrol): Turmeric prices remained largely consistent across spot markets, with notable increases in Kadapa and Warangal, where prices rose by Rs 100-300 per quintal. The price surge in these regions was supported by significantly lower arrivals in Kadapa during today's session.
According to market sources, overall demand remains weak as buyers are hesitant to purchase due to the prevailing low prices. Additionally, export demand has not picked up, largely due to economic disruptions in Bangladesh, which are expected to impact trade activities.
Today's turmeric arrivals were reported at 11,952 bags, a slight decline from the previous session's 12,842 bags, as some markets, including Sangli and Kesamudram, were closed. Over the past week, arrivals have increased as stockists have been offloading their inventory in anticipation of further price declines.
After a brief recovery last week, prices on the NCDEX market were stable to weak, with prices remaining within a narrow range as close contracts approach expiration. Over the past 18-20 sessions, prices have fluctuated between Rs 15,500 and Rs 16,500 per quintal. The price for August contracts was unchanged, while October contracts saw a slight decrease of 0.3%.
In Indonesia, turmeric harvesting has begun, albeit with some delays due to the rainy season. Experts note that due to high demand for wet turmeric this season, production of dry turmeric is expected to be lower, compounded by already reduced crop yields caused by drought conditions.
Looking ahead, turmeric prices are expected to face downward pressure due to increased acreage and continued weak export demand. Additionally, with buyers remaining largely inactive, future prices may decline further.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: Rs 16,155
- Nizamabad - NCDEX Unpolished: Rs 15,340
- Sangli - NCDEX Rajapore: Rs 17,958
NCDEX Future Prices (Rs/Qtl):
- October 2024: Rs 16,396 (-50, -0.3%)
- August 2024: Rs 15,870 (unchanged)
Turmeric contract for AUG delivery settled at Rs 15876/quintal showing an was simillar of Rs 0 over previous close of Rs 15876/quintal,The contract moved in the range of Rs 15780-16080 for the day. Open interest decreased by -2020 MT to 12760 MT, while trading volume increased by 1050 to 3870 MT
Turmeric contract for OCT delivery settled at Rs 16396/quintal showing an fall of Rs -50 over previous close of Rs 16446/quintal,The contract moved in the range of Rs 16300-16544 for the day. Open interest increased by 460 MT to 13515 MT, while trading volume increased by 830 to 3770 MT.
Currently The spread between AUG and OCT contract is -520 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 10581, was 08-Aug-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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