Mumbai, September 20 (Commodities Control): Turmeric prices have shown mixed trends across major spot markets, yet overall, they are trading higher due to robust demand. Reports from local sources indicate strong interest from end users and markets in North India, leading to price increases of Rs 100-200 per quintal in major trading hubs.
Export inquiries have been significant over the past three to four sessions, with exporters looking to stockpile high-quality turmeric from the current crop. This comes in light of anticipated crop damage from flooding, which is expected to affect the quality of this season's harvest. Market participants forecast exports to remain elevated this month, potentially reaching close to 20,000 MT—surpassing figures from the previous three seasons.
Arrivals have increased, with a total of 16,975 bags reported today, up from 12,975 bags in the previous session. Notably, Hingoli was unoperational, but Sangli experienced a surge in arrivals, totaling around 11,000 bags. Given the price uptick, arrivals are expected to stay high in the coming days.
On the futures market, NCDEX prices rebounded from earlier losses due to bargain buying, recovering half of their declines. Reports of crop damage from heavy rains in Nanded and Hingoli have bolstered market sentiment, with sources indicating that damage levels are higher than initially expected. As a result, NCDEX futures for October and December rose by 1.9% and 1.5%, respectively.
Looking ahead, prices are likely to increase as sellers face challenges liquidating their stocks due to crop damage. With the harvest still five months away, these factors are expected to support upward price momentum.
Current Prices:
NCDEX Spot (Rs/Qtl):
- Nizamabad – NCDEX Polished: 14,582
- Nizamabad - NCDEX Unpolished: 13,750
- Sangli - NCDEX Rajapore: 16,000
NCDEX Future (Rs/Qtl):
- October 2024: 14,422 (+250, +1.8%)
- December 2024: 14,780 (+212, +1.5%)
Turmeric contract for OCT delivery settled at Rs 14422/quintal showing an rise of Rs 250 over previous close of Rs 14172/quintal,The contract moved in the range of Rs 14000-14440 for the day. Open interest decreased by -100 MT to 13675 MT, while trading volume decreased by -1290 to 2340 MT.
Turmeric contract for DEC delivery settled at Rs 14780/quintal showing an rise of Rs 212 over previous close of Rs 14568/quintal,The contract moved in the range of Rs 14326-14790 for the day. Open interest increased by 105 MT to 4060 MT, while trading volume decreased by -195 to 700 MT.
Currently The spread between OCT and DEC contract is -358 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 6196, was 20-Sep-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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