Mumbai, 6 September (CommoditiesControl): Turmeric spot prices remained largely stable today, with increasing demand reported following recent heavy rains that have caused crop damage. Local traders noted a surge in buying activity, particularly in areas affected by flooding, such as Nanded in Maharashtra, Krishna and Guntur districts in Andhra Pradesh, and Warangal in Telangana. The Warangal market was forced to close for three days due to the severe weather.
Arrivals of turmeric totaled 9,395 bags, a rise from the 7,600 bags reported in the previous session, thanks to higher arrivals in Hingoli. The excessive rainfall and flooding in key turmeric-growing regions have raised concerns about potential reductions in yield and quality. Although last year's crop faced similar challenges, the reported quality was good despite lower yields. Continued heavy rains this season may lead to further declines in yield and poorer crop quality.
On the NCDEX futures market, turmeric prices fell slightly after a brief recovery of 1,000 points from the lows. The October and December futures contracts decreased by 1.3% and 1.4%, respectively. Given the ongoing crop concerns due to excessive rains and the fact that the new crop is still 5-6 months away, prices are expected to remain high. Additionally, stockists are hesitant to sell at current low prices, which is likely to support higher prices in the near term.
In terms of spot prices on the NCDEX, the rates were reported as follows:
- Nizamabad NCDEX Polished: INR 14,424 per quintal
- Nizamabad NCDEX Unpolished: INR 13,723 per quintal
- Sangli NCDEX Rajapore: INR 15,575 per quintal
Futures prices on the NCDEX were quoted at:
- October 2024: INR 14,020 per quintal, down by INR 184 (-1.3%)
- December 2024: INR 14,618 per quintal, down by INR 200 (-1.4%)
With the new crop several months away and increased demand expected, turmeric prices are likely to remain stable or trend higher in the coming period.
Turmeric contract for OCT delivery settled at Rs 14020/quintal showing an fall of Rs -184 over previous close of Rs 14204/quintal,The contract moved in the range of Rs 13850-14340 for the day. Open interest decreased by -400 MT to 16225 MT, while trading volume decreased by -2355 to 2785 MT.
Turmeric contract for DEC delivery settled at Rs 14618/quintal showing an fall of Rs -200 over previous close of Rs 14818/quintal,The contract moved in the range of Rs 14464-14770 for the day. Open interest increased by 45 MT to 2995 MT, while trading volume decreased by -345 to 540 MT.
Currently The spread between OCT and DEC contract is -598 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 7494, was 06-Sep-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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