Mumbai, November 13 (CommoditiesControl): Turmeric spot prices remained largely stable across key locations, maintaining a steady trend after recent declines to a four-month low. Low stock levels have contributed to price stabilization, as per market sources, and are expected to hold steady until the next harvest, despite limited demand and selective purchasing by consumers.
At the Hingoli market in Maharashtra, turmeric arrivals surged to 6,445 bags, marking an increase of 5,220 bags compared to the previous session. With the ongoing assembly elections in Maharashtra, traders anticipate possible disruptions in turmeric trading until after the elections conclude.
On the NCDEX (National Commodity & Derivatives Exchange), turmeric futures saw modest gains. The December contract rose by 0.8% to ₹13,350 per quintal, while the April 2025 contract increased by 0.9%, reaching ₹14,200 per quintal. Analysts report that prices have stayed above the critical ₹13,200 mark for the third consecutive session, a sign that the commodity may be on a recovery path. Short-term projections suggest prices could fluctuate between ₹14,000 and ₹14,500.
Current spot prices in NCDEX-marked areas are as follows:
- Nizamabad (Polished): ₹13,685 per quintal
- Nizamabad (Unpolished): ₹12,941 per quintal
- Sangli (Rajapore): ₹15,500 per quintal
The overall market outlook remains cautious due to low stockpiles, potentially capping any price increase until the next harvest arrives.
Turmeric contract for DEC delivery settled at Rs 13350/quintal showing an rise of Rs 100 over previous close of Rs 13250/quintal,The contract moved in the range of Rs 13030-13430 for the day. Open interest increased by 130 MT to 11170 MT, while trading volume increased by 875 to 1920 MT
Turmeric contract for APR delivery settled at Rs 14200/quintal showing an rise of Rs 122 over previous close of Rs 14078/quintal,The contract moved in the range of Rs 13830-14202 for the day. Open interest increased by 245 MT to 3270 MT, while trading volume increased by 335 to 695 MT.
Currently The spread between DEC and APR contract is -850 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 3610, was 13-Nov-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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