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Turmeric Prices Weaken Amid Dull Trading; Futures Fall Sharply

13 Jan 2025 5:20 pm
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Mumbai, January 13 (Commodities Control): Turmeric spot prices witnessed a downturn today, driven by a combination of low demand and market closures due to the Makara Sankranti festival. As major spot markets were closed, with the exception of a few in Maharashtra, trading activity was minimal. Only about 6,000 bags were reported in markets such as Basmatnagar, Hingoli, and Sangli, where prices were about Rs 500 per quintal lower than the previous session. This price decline is attributed to the subdued demand, with expectations that prices may stabilize or adjust after the festival.

The harvest has begun in Karnataka and Andhra Pradesh, with Telangana expected to start after Makara Sankranti. The arrival of the new crop has contributed to a wider price range over the past few sessions. Farmers have reported slow rhizome growth, which suggests that yields may remain lower than expected. As harvesting picks up speed post-Sankranti, traders will closely monitor the total pledged amount to gauge future price movements.

Market arrivals have been significantly reduced, with today’s total of 6,000 bags being only 60% of the previous session's 16,270 bags. This reduction in arrivals can be attributed to the market closures, and arrivals are expected to remain low until January 16th. However, with the beginning of the new crop, market arrivals are likely to increase in the coming days.

In the futures market, turmeric prices experienced a sharp drop. The April contract closed at Rs 14,490 per quintal, a fall of Rs 682 (down 4.5%), while the May contract dropped by Rs 820 (down 5.4%), highlighting strong selling pressure. The sharp decline in futures prices reflects broader market expectations of increased supply following the start of harvesting.

Spot market prices were also weaker today, and this trend is expected to continue in the coming days. While the start of harvesting may put downward pressure on prices, any significant drop may be limited if actual yields turn out to be lower than expected.

NCDEX Spot Prices (Rs/Qtl):
- Nizamabad (Polished): 14,123
- Nizamabad (Unpolished): 13,404
- Sangli (Rajapore): 16,400

NCDEX Futures Prices (Rs/Qtl):
- April 2025: 14,490 (-682, -4.5%)
- May 2025: 14,470 (-820, -5.4%)

Overall, while turmeric prices are under pressure in both the spot and futures markets, the full impact of the harvest, along with any variations in yield, will likely determine the direction of prices in the coming weeks.

Turmeric contract for APR delivery settled at Rs 14490/quintal showing an fall of Rs -682 over previous close of Rs 15172/quintal,The contract moved in the range of Rs 14416-15480 for the day. Open interest decreased by -130 MT to 11400 MT, while trading volume increased by 3575 to 4935 MT.

Turmeric contract for MAY delivery settled at Rs 14470/quintal showing an fall of Rs -820 over previous close of Rs 15290/quintal,The contract moved in the range of Rs 14470-15598 for the day. Open interest decreased by -40 MT to 495 MT, while trading volume increased by 255 to 465 MT.

Currently The spread between APR and MAY contract is 20 Rs/quintal.

Turmeric stock in NCDEX accredited warehouse as on NA, was 13-Jan-2025 MT


(By Commoditiescontrol Bureau: +91 9820130172)


       
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