Mumbai, October 8 (Commodities Control): Turmeric prices in major spot markets have shown stability or slight weakness, particularly in Duggirala, Basmatnagar, Warangal, and Kadapa, where prices have decreased by Rs 100-500 per quintal. Conversely, prices have increased in Hingoli and Nizamabad as these markets reopened after a three-day closure.
Local sources indicate that the weakness in NCDEX futures is influencing spot market pricing. While crop damage has been minimal, improved conditions due to drier weather over the past 20 days are exerting pressure on prices.
With more markets operational today, arrivals rose to 8,535 bags, an increase from 7,580 bags the previous day. However, this figure remains significantly lower than the previous fortnight's levels, which exceeded 20,000 bags, reflecting a continuing downward price trend.
Following a notable rise yesterday, NCDEX futures prices fell slightly, establishing a downtrend. The October contract fell by 2.1%, trading at Rs 13,400, while December futures decreased by 1.7%, priced at Rs 13,966. As the October contract approaches expiration, increased volatility is expected in the coming days.
Panic selling has kept spot market turmeric prices low, and further declines are anticipated in upcoming sessions. However, a substantial decrease seems unlikely due to limited supply and a five-month wait for the next crop. Traders are advised to monitor the 12,500 level for insights into the long-term trend.
In NCDEX spot prices, Nizamabad reports polished turmeric at Rs 14,295 and unpolished at Rs 13,658, while Sangli's Rajapore variety is priced at Rs 15,965.
For NCDEX futures, the prices are as follows:
- October 2024: Rs 13,400 (-288, -2.1%)
- December 2024: Rs 13,966 (-248, -1.7%)
- April 2025: Rs 14,400 (-176, -1.2%)
Turmeric contract for OCT delivery settled at Rs 13400/quintal showing an fall of Rs -288 over previous close of Rs 13688/quintal,The contract moved in the range of Rs 13292-13820 for the day. Open interest decreased by -45 MT to 9610 MT, while trading volume decreased by -3400 to 2565 MT.
Turmeric contract for DEC delivery settled at Rs 13966/quintal showing an fall of Rs -248 over previous close of Rs 14214/quintal,The contract moved in the range of Rs 13882-14390 for the day. Open interest increased by 730 MT to 8525 MT, while trading volume decreased by -3535 to 2915 MT.
Currently The spread between OCT and DEC contract is -566 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 6085, was 08-Oct-2024 MT.
(By Commoditiescontrol Bureau: +91 9820130172)
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