Mumbai, September 11 (CommoditiesControl): Turmeric spot prices have shown resilience, with prices generally increasing by Rs 200-500 per quintal across most markets. Notably, Rajapore prices surged by Rs 1,000 per quintal. Traders attribute the price strength to reports of crop damage from recent heavy rains, which have led sellers to be cautious in liquidating their stocks. This reluctance has contributed to a pickup in demand, thereby supporting prices.
The recent heavy rains have adversely affected crops in several regions, including Nanded in Maharashtra, and the Krishna and Guntur districts of Andhra Pradesh, as well as Warangal in Telangana. As damage assessments typically become apparent 10-12 days after clear weather, ongoing weather monitoring is crucial for understanding the full impact on crop conditions.
Today’s arrivals of turmeric were reported at 3,460 bags, a decrease from 5,120 bags in the previous session. This decline in arrivals reflects sellers’ hesitation to liquidate amid the current market conditions, and arrivals are significantly lower compared to the previous fortnight.
In the futures market, NCDEX prices fell slightly for the second consecutive session, after having closed higher the previous week. The October and December futures contracts saw a decrease of 0.9%, closing at Rs 14,040 and Rs 14,590 per quintal, respectively. Despite this decline, prices are expected to rise in the near future due to ongoing reports of crop damage. With the next crop not expected for another 5-6 months, prices are anticipated to remain stable.
Given the current weather concerns and the potential for continued crop damage, demand for turmeric is expected to increase, which may support higher prices. Traders are likely to hold their stocks, influenced by the fear of further adverse weather impacts and the longer timeframe before the new crop becomes available.
NCDEX Spot Prices (INR per Quintal):
- Nizamabad – NCDEX Polished: 14,350
- Nizamabad – NCDEX Unpolished: 13,674
- Sangli – NCDEX Rajapore: 15,800
NCDEX Futures Prices (INR per Quintal):
- October 2024: 14,040 (-128, -0.9%)
- December 2024: 14,590 (-126, -0.9%)
Turmeric contract for OCT delivery settled at Rs 14040/quintal showing an fall of Rs -128 over previous close of Rs 14168/quintal,The contract moved in the range of Rs 14000-14274 for the day. Open interest decreased by -115 MT to 15645 MT, while trading volume decreased by -485 to 1400 MT.
Turmeric contract for DEC delivery settled at Rs 14590/quintal showing an fall of Rs -126 over previous close of Rs 14716/quintal,The contract moved in the range of Rs 14570-14800 for the day. Open interest increased by 90 MT to 3425 MT, while trading volume decreased by -90 to 560 MT.
Currently The spread between OCT and DEC contract is -550 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 7035, was 11-Sep-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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