New Delhi, December 10 (CommoditiesControl): Turmeric spot prices remained mostly stable across major markets as demand softened ahead of the upcoming harvest season. Prices were largely steady due to buyers adopting a need-based approach, while stockists began liquidating inventory in anticipation of new crop arrivals.
Arrivals dropped significantly to 4,950 bags, down from 11,350 bags in the previous session, as several markets in Maharashtra remained closed today. Limited supplies are expected to persist until the new harvest begins next month.
- Spot Prices:
- Nizamabad (Polished): ₹13,792 per quintal
- Nizamabad (Unpolished): ₹13,179 per quintal
- Sangli (Rajapore): ₹15,900 per quintal
- NCDEX Futures Movement:
- December contract prices recovered by 1.4%, rising to ₹13,120 per quintal (+₹176)
- April contract prices increased by 1.0%, trading at ₹14,050 per quintal (+₹144)
- The volatility is attributed to speculators squaring off positions ahead of the December contract expiry.
Market Outlook:
- Spot Market: Prices are expected to remain stable with a slight downward bias until the new crop arrivals. As harvesting begins next month, increased supply may further pressure prices.
- Futures Market: NCDEX turmeric futures may see continued volatility, particularly as the December contract nears expiration. The trend for futures is likely to follow the downward trajectory of the spot market as new supplies enter.
The overall sentiment remains cautious, with prices leaning towards a downward trend in the medium term.
Turmeric contract for DEC delivery settled at Rs 13120/quintal showing an rise of Rs 176 over previous close of Rs 12944/quintal,The contract moved in the range of Rs 12810-13190 for the day. Open interest decreased by -260 MT to 6810 MT, while trading volume decreased by -2000 to 1315 MT.
Turmeric contract for APR delivery settled at Rs 14050/quintal showing an rise of Rs 144 over previous close of Rs 13906/quintal,The contract moved in the range of Rs 13812-14098 for the day. Open interest increased by 585 MT to 8020 MT, while trading volume decreased by -710 to 1910 MT.
Currently The spread between DEC and APR contract is -930 Rs/quintal.
Turmeric stock in NCDEX accredited warehouse as on 3544, was 10-Dec-2024 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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