Mumbai, 24 Jan (Commoditiescontrol): Turmeric spot prices displayed mixed trends, with significant gains in Hingoli, Duggirala, and Erode. Prices in Erode rose by ₹100 per quintal, Duggirala saw an increase of ₹450 per quintal, and Hingoli recorded sharper gains of ₹800 for finer varieties and ₹100 for Gatha. Lower stock availability, due to delayed harvesting, supported prices in these key markets.
However, the commencement of new crop arrivals in limited quantities is expected to exert pressure on prices. Peak harvest, anticipated within a month, could keep prices in a wider range as supplies increase.
### Yield and Quality Concerns
Preliminary estimates suggest turmeric yields may decline by 10–15%, with the Nanded region particularly affected by smaller rhizome sizes and crop rot. The full extent of the damage will become clearer as harvesting progresses in major growing regions.
Arrivals in spot markets totaled 6,780 bags, down from 8,130 bags in the previous session, with reduced arrivals reported in Nizamabad and Hingoli. However, as harvesting intensifies, arrivals are expected to rise, which may weigh on prices in the coming sessions.
### NCDEX Futures Market Trends
Turmeric futures witnessed a decline as selling activity increased.
- **April Contract**: Settled at ₹13,730 per quintal, down ₹208 from the previous close of ₹13,938. The contract traded in the range of ₹13,700–13,962 for the day. Open interest decreased by 115 MT to 11,460 MT, while trading volume dropped by 835 to 1,455 MT.
- **May Contract**: Closed at ₹13,574 per quintal, falling ₹206 from the previous close of ₹13,780. The day's range was ₹13,574–13,820. Open interest dipped by 30 MT to 750 MT, and trading volume fell by 375 to 305 MT.
The spread between the April and May contracts currently stands at ₹156 per quintal. Stocks in NCDEX-accredited warehouses as of January 24, 2025, were reported at NA MT.
### Export Trends
The Ministry of Commerce reported a 48% year-on-year increase in turmeric exports for November, totaling 12,721 tons. However, this marked a 20% decline compared to October. Over the last five months, strong export demand, particularly from Bangladesh, the UAE, and Morocco, has significantly narrowed the year-on-year gap despite the season's delayed start.
### Outlook
Spot market prices remain supported by tight supplies, but increasing arrivals from the ongoing harvest are likely to exert downward pressure. Futures may continue to reflect the impact of higher selling activity, while export demand and concerns over lower yields could provide intermittent support.
NCDEX Futures
(By Commoditiescontrol Bureau: +91 9820130172)
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