Mumbai, November 8 (Commodities Control): Turmeric spot prices across major Indian markets have exhibited stability, with one notable exception in Erode, where prices dropped by ₹100-200 per quintal due to reduced buyer activity. According to market sources, demand remains subdued as buyers continue to operate cautiously, maintaining price stability amid low trading volumes. Stock levels are reportedly low, which may temporarily support prices until the arrival of the new crop.
New crop yields are expected to impact the market significantly, with both domestic and export demand anticipated to decline in the upcoming months. Market participants are shifting towards hand-to-mouth transactions, which may keep prices subdued. Furthermore, low demand from Bangladesh has added to the downward pressure on turmeric prices.
In the futures market, NCDEX turmeric prices showed a modest recovery after two sessions of decline. December futures rose by 0.7% to ₹13,188 per quintal, while April futures increased by 0.3% to ₹13,870 per quintal. Market analysts indicate that maintaining a close above ₹13,500 could support a continued upward trend. A failure to hold this level could push prices down to the ₹11,750 mark.
Prices have rebounded slightly over the past few sessions, positioning the market at a critical juncture. Observing current demand and crop conditions, analysts suggest prices are likely to experience further declines in the short term. Nonetheless, traders anticipate a temporary price increase in turmeric stocks ahead of the new crop arrival.
Current NCDEX Spot Prices (₹/Qtl):
- Nizamabad - Polished: ₹13,553
- Nizamabad - Unpolished: ₹12,720
- Sangli - Rajapore: ₹15,459
Turmeric contract for DEC delivery settled at Rs 13188/quintal showing an rise of Rs 96 over previous close of Rs 13092/quintal,The contract moved in the range of Rs 13092-13230 for the day. Open interest decreased by -135 MT to 11435 MT, while trading volume decreased by -410 to 785 MT.
Turmeric contract for APR delivery settled at Rs 13870/quintal showing an rise of Rs 44 over previous close of Rs 13826/quintal,The contract moved in the range of Rs 13600-13914 for the day. Open interest increased by 60 MT to 2720 MT, while trading volume decreased by -160 to 300 MT.
Currently The spread between DEC and APR contract is -682 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 4252, was 08-Nov-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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