Mumbai, December 4 (CommoditiesControl): Turmeric spot prices exhibited a stable to weak trend in major markets, with declines reported in select locations. NCDEX futures prices recovered slightly, supported by short-term buying activity. However, the broader outlook remains bearish as new crop arrivals loom.
Spot Market Overview
- Price Movements: Prices fell by ₹200–₹500 per quintal in Duggirala and Nizamabad, while other markets remained mostly steady.
- Key Factors: Limited supply from the previous season's smaller crop has supported prices despite the current weak trend. Stockists are liquidating inventory ahead of the new crop arrivals, while buyers are making purchases on a need-only basis.
- Arrivals: Increased to 10,920 bags today, up from 7,350 bags in the previous session, as most markets were open.
NCDEX Futures
- December Contract: ₹13,340 per quintal, up 0.6% (+₹78).
- April Contract: ₹14,316 per quintal, up 0.2% (+₹24).
- Spot Prices:
- Nizamabad Polished: ₹13,989 per quintal
- Nizamabad Unpolished: ₹13,362 per quintal
- Sangli Rajapore: ₹15,814 per quintal
Market Trends
Turmeric crops are reportedly in good to excellent condition, with minimal weather anomalies. Harvesting is set to begin in early January, exerting downward pressure on prices as stockists liquidate material in anticipation of increased supply. Buyers are cautious, leading to a range-bound market sentiment.
Overall, the bearish trend in turmeric prices is expected to persist as new crop arrivals approach and NCDEX futures near expiration. Despite the current stability in some markets, the likelihood of further price declines remains high in the short term. Traders are bracing for increased volatility in the weeks leading up to the January harvest.
Turmeric contract for DEC delivery settled at Rs 13340/quintal showing an rise of Rs 76 over previous close of Rs 13264/quintal,The contract moved in the range of Rs 13150-13608 for the day. Open interest decreased by -365 MT to 7705 MT, while trading volume decreased by -470 to 1655 MT.
Turmeric contract for APR delivery settled at Rs 14316/quintal showing an rise of Rs 24 over previous close of Rs 14292/quintal,The contract moved in the range of Rs 14124-14474 for the day. Open interest increased by 335 MT to 6150 MT, while trading volume increased by 305 to 1750 MT.
Currently The spread between DEC and APR contract is -976 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 3528, was 04-Dec-2024 MT.
(By Commoditiescontrol Bureau; +91 98201 3018)
0 Comments 
Post Comment 
