Turmeric Prices Surge in Major Markets; NCDEX Futures Hit Upper Circuit

Mumbai, March 11 (Commoditiescontrol): Turmeric prices in major markets have experienced a sharp rise due to robust demand, resulting in prices Rs 800-1,000 per quintal higher. The spot market prices have resumed their upward trend, driven by strong domestic and export inquiries and a reduction in output.

Arrivals increased significantly to 53,000 bags from 28,200 bags in the previous session, attributed to the closure of certain markets in Maharashtra. Nizamabad received 25,000 bags, Hingoli 4,000, Erode 5,000, Sangli 17,000, and Nanded 2,000 bags. However, despite the rise in arrivals, they were reported to be 30-40% lower than anticipated due to a substantial reduction in output.

On the NCDEX market, turmeric futures prices witnessed a sharp surge, hitting the upper circuit limit of 6.0% due to strong buying. The increase was particularly notable between the April and June contracts, with prices rising by 6.0%. Anticipating lower-than-usual arrivals, farmers and village-level aggregators are reportedly stockpiling material in anticipation of higher prices later in the season.

Despite the robust demand, the sharp increase in prices may lead sellers to exercise caution in selling their produce, potentially contributing to price stability in the near term.

NCDEX Spot (Rs/Qtl):
- Nizamabad - NCDEX Polished: Rs 16,493
- Nizamabad - NCDEX Unpolished: Rs 15,607
- Sangli - NCDEX Rajapore: Rs 19,056

NCDEX Future (Rs/Qtl):
- Apr-24: Rs 19,170 (+1,084, +6.0%)
- Jun-24: Rs 19,508 (+1,104, +6.0%)

Turmeric contract for APR delivery settled at Rs 19170/quintal showing an rise of Rs 1084 over previous close of Rs 18086/quintal,The contract moved in the range of Rs 18462-19170 for the day. Open interest increased by 255 MT to 15930 MT, while trading volume decreased by -1615 to 4530 MT.

Turmeric contract for JUN delivery settled at Rs 19508/quintal showing an rise of Rs 1104 over previous close of Rs 18404/quintal,The contract moved in the range of Rs 18800-19508 for the day. Open interest decreased by -25 MT to 1645 MT, while trading volume decreased by -280 to 740 MT.

Currently The spread between APR and JUN contract is -338 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)