Turmeric Prices Hold Mostly Steady; Uptrend in Duggirala and Nizamabad Noted

Mumbai, March 12 (CommoditiesControl): Turmeric spot prices have largely maintained stability across major markets, with the exception of Duggirala and Nizamabad, where prices surged by Rs 1,000 per quintal upon the reopening of markets after a holiday. Positive shift in these markets signals a resumption of the upward trend in spot market prices, driven by domestic and export inquiries, alongside reduced output.

Total arrivals in major markets dipped to 41,300 bags from 53,000 bags in the previous session, primarily driven by lower arrivals in key markets. Nizamabad received 15,000 bags, Basmatinagar 5,000, Erode 4,300, Sangli 15,500, and Nanded 1,200 bags. Market updates indicate that arrivals were 30-40% lower than anticipated due to significantly reduced output.

On the NCDEX futures markets, turmeric prices witnessed a slight decline following a notable uptrend in the previous 4-5 sessions, attributed to profit-taking at higher levels. April and June contracts experienced a decline of 2.1% and 2%, respectively. Anticipation of significantly lower arrivals than usual, as farmers and village-level aggregators stockpile material, contributed to market sentiment.

Despite strong demand, sellers are expected to be hesitant to offload produce at current price levels, likely contributing to price stability in the near term.

NCDEX Spot (RS/Qtl):
- Nizamabad - NCDEX Polished: 16,535
- Nizamabad - NCDEX Unpolished: 15,799
- Sangli - NCDEX Rajapore: 18,847

NCDEX Future (RS/Qtl):
- Apr-24: 18,768 (-402, -2.1%)
- Jun-24: 19,100 (-386, -2.0%)

Turmeric contract for APR delivery settled at Rs 18768/quintal showing an fall of Rs -402 over previous close of Rs 19170/quintal,The contract moved in the range of Rs 18504-19700 for the day. Open interest decreased by -30 MT to 15900 MT, while trading volume decreased by -475 to 4055 MT

Turmeric contract for JUN delivery settled at Rs 19100/quintal showing an fall of Rs -386 over previous close of Rs 19486/quintal,The contract moved in the range of Rs 18900-19800 for the day. Open interest decreased by -25 MT to 1620 MT, while trading volume decreased by -195 to 545 MT.

Currently The spread between APR and JUN contract is -332 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)