Mumbai, September 9 (CommoditiesControl): Turmeric spot prices have exhibited a mixed sentiment across various markets. In regions such as Erode, Nizamabad, Kadapa, and Hingoli, prices for finger and gatha varieties have declined. Conversely, markets in Sangli and Basmatnagar have experienced a firmer sentiment, with prices increasing by Rs 200-500 per quintal. This divergence in price movements can be attributed to recent rainfall, which has significantly affected turmeric arrivals and prices.
Local traders have reported robust buying activity in response to heavy rains that have damaged crops. Areas such as Nanded in Maharashtra, Krishna and Guntur districts in Andhra Pradesh, and Warangal in Telangana have faced acreage losses due to excessive rainfall last week. The India Meteorological Department (IMD) has issued a new alert for the Guntur region, which may exacerbate damage to standing crops. The full extent of crop damage may become clearer in 10-12 days, once the weather stabilizes.
Arrivals of turmeric totaled 9,820 bags, a modest increase from 9,395 bags reported in the previous session, largely due to higher arrivals in Hingoli, which contributed 4,500 bags, nearly half of the total arrivals.
In the futures market, NCDEX turmeric prices saw a slight recovery towards the end of the trading session. After experiencing negative trends for most of the day, NCDEX futures prices closed slightly higher, with the October contract rising by 1.2% to Rs 14,178 per quintal and the December contract increasing by 0.6% to Rs 14,678 per quintal. This uptick is attributed to ongoing concerns about crop conditions due to heavy rains.
Looking ahead, the turmeric market is expected to remain elevated due to anticipated increased demand and the delayed new crop, which is about 5-6 months away. Stockists are expected to hold onto their stocks due to current low prices and reported crop damages, contributing to a supportive market sentiment in the coming days.
NCDEX Spot Prices (Rs/Quintal):
- Nizamabad – NCDEX Polished: 14,350
- Nizamabad – NCDEX Unpolished: 13,623
- Sangli – NCDEX Rajapore: 15,590
NCDEX Futures Prices (Rs/Quintal):
- October 2024: 14,178 (+164, +1.2%)
- December 2024: 14,678 (+84, +0.6%)
Turmeric contract for OCT delivery settled at Rs 14178/quintal showing an rise of Rs 164 over previous close of Rs 14014/quintal,The contract moved in the range of Rs 13742-14420 for the day. Open interest decreased by -435 MT to 15790 MT, while trading volume increased by 1090 to 3875 MT
Turmeric contract for DEC delivery settled at Rs 14678/quintal showing an rise of Rs 84 over previous close of Rs 14594/quintal,The contract moved in the range of Rs 14250-15000 for the day. Open interest increased by 240 MT to 3235 MT, while trading volume increased by 445 to 985 MT.
Currently The spread between OCT and DEC contract is -500 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 7465, was 08-Sep-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
0 Comments 
Post Comment 
