Mumbai, October 09 (CommoditiesControl): Turmeric prices in primary spot markets have demonstrated stability but are also showing signs of weakness, particularly in Basmatnagar, Hingoli, and Kadapa, where prices have decreased by Rs 100-500 per quintal. This decline is influenced by falling futures prices in the NCDEX markets.
Local sources indicate that the ongoing weakness in the NCDEX markets is putting downward pressure on spot prices. However, crop conditions have improved due to minimal damage and drier weather over the past 20 days, which could exert upward pressure on prices moving forward.
Today, turmeric arrivals increased to 10,650 bags, up from 8,535 bags the previous day, primarily due to higher arrivals in Erode and Sangli. Sangli reported 2,500 bags, while Erode witnessed 4,000 bags of arrivals.
In the NCDEX futures market, prices have consolidated at lower levels after significant declines in recent sessions. December futures prices rose by 0.2%, while April futures increased by 0.06%. With the expiration of the October contract approaching, increased volatility is anticipated in the coming days. Current trends suggest that prices may continue to trade lower in the short term.
Spot prices for turmeric are presently low, influenced by panic selling, and further decreases are expected in upcoming sessions. However, a drastic reduction is unlikely due to constrained supply and the lengthy five-month interval until the next harvest. Traders should monitor the Rs 12,500 levels to confirm the long-term trend.
NCDEX Spot Prices (Rs/Qtl):
- Nizamabad - NCDEX Polished: 14,154
- Nizamabad - NCDEX Unpolished: 13,536
- Sangli - NCDEX Rajapore: 15,908
NCDEX Future Prices (Rs/Qtl):
- December 2024: 13,972 (+32, +0.2%)|
- April 2025: 14,400 (+8, +0.06%)
Turmeric contract for OCT delivery settled at Rs 13400/quintal showing an rise of Rs 30 over previous close of Rs 13370/quintal,The contract moved in the range of Rs 13300-13670 for the day. Open interest decreased by -1175 MT to 8435 MT, while trading volume increased by 545 to 3110 MT.
Turmeric contract for DEC delivery settled at Rs 13972/quintal showing an rise of Rs 32 over previous close of Rs 13940/quintal,The contract moved in the range of Rs 13882-14290 for the day. Open interest increased by 495 MT to 9020 MT, while trading volume decreased by -205 to 2710 MT.
Currently The spread between OCT and DEC contract is -572 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 6115, was 09-Oct-2024 MT.
(By Commoditiescontrol Bureau: +91 9820130172)
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