Mumbai, November 4 (Commodities Control): Turmeric prices showed continued weakness as demand remained limited and futures prices saw further declines. Market sentiment has been impacted by expectations of an abundant crop and subdued buying interest. The upcoming crop season is projected to yield a 30-35% increase in acreage, with crop conditions reported as favorable. As a result, production is expected to rise, placing additional pressure on prices.
Buyers are adopting a conservative, "hand-to-mouth" buying strategy, likely to persist until the new crop arrives. Meanwhile, turmeric futures prices on the National Commodity and Derivatives Exchange (NCDEX) traded lower, approaching the 12,500 mark as anticipated. December futures on NCDEX fell by 0.6% to ₹12,724 per quintal, down by ₹72, while April 2025 futures saw a slight decline of 0.2%, settling at ₹13,378 per quintal, down by ₹26.
NCDEX Spot Prices (₹/Quintal)
- Nizamabad (Polished): ₹13,565
- Nizamabad (Unpolished): ₹12,893
- Sangli (Rajapore): ₹15,500
Overall, analysts expect turmeric prices to remain under pressure due to high anticipated production and the restrained demand, with further declines likely as the market braces for the new crop.
Turmeric contract for DEC delivery settled at Rs 12724/quintal showing an fall of Rs -72 over previous close of Rs 12796/quintal,The contract moved in the range of Rs 12424-12890 for the day. Open interest increased by 255 MT to 12205 MT, while trading volume increased by 1620 to 2745 MT.
Turmeric contract for APR delivery settled at Rs 13378/quintal showing an fall of Rs -26 over previous close of Rs 13404/quintal,The contract moved in the range of Rs 13112-13500 for the day. Open interest increased by 375 MT to 2285 MT, while trading volume increased by 495 to 725 MT.
Currently The spread between DEC and APR contract is -654 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 4879, was 04-Nov-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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