Mixed Turmeric Prices in Spot Markets; NCDEX Futures Show Variability Post Lower Circuit

Mumbai, March 18 (CommoditiesControl): Turmeric prices in major spot markets have displayed a mixed trend, with fluctuations ranging from a decline of Rs 100 to Rs 900 per quintal in significant markets. Notably, prices for Finger varieties in Erode markets witnessed an increase of Rs 300 per quintal. Spot demand, however, has remained subdued following a sharp uptick in prices, prompting a correction in major spot markets.

Additionally, the lower circuit experienced in the NCDEX futures market on Friday, coupled with lower trading volumes in the morning session, has exerted downward pressure on spot market prices.

Arrivals have seen a slight dip to 54,412 bags from the previous session's figure of 58,300 bags. This decline can be attributed to the opening of all Maharashtra markets and reduced arrivals in Erode and Sangli. Specific market arrival figures include 18,000 bags in Nizamabad, 7,300 bags in Erode, 16,112 bags in Sangli, 3,000 bags in Basmatnagar, and 8,000 bags in Hingoli. Market updates suggest that arrivals were 20-30% lower than anticipated, primarily due to significantly reduced output.

Turmeric futures prices on the NCDEX markets have demonstrated mixed movements, with April contracts witnessing a decline and June contracts experiencing an increase. Although prices were predominantly traded lower in the first half, there was some recovery towards the closing session. Prices declined by 0.3% in April contracts but saw a 0.6% increase in June contracts.

NCDEX Spot (RS/Qtl)
- Nizamabad - NCDEX Polished: 16,603
- Nizamabad - NCDEX Unpolished: 15,763
- Sangli - NCDEX Rajapore: 17,985

NCDEX Future (RS/Qtl)
- Apr-24: 17,590 (-60, -0.3%)
- Jun-24: 17,994 (+100, +0.6%)

Turmeric contract for APR delivery settled at Rs 17590/quintal showing an fall of Rs -60 over previous close of Rs 17650/quintal,The contract moved in the range of Rs 17062-18050 for the day. Open interest decreased by -315 MT to 15450 MT, while trading volume decreased by -185 to 4820 MT.

Turmeric contract for JUN delivery settled at Rs 17994/quintal showing an rise of Rs 100 over previous close of Rs 17894/quintal,The contract moved in the range of Rs 17494-18374 for the day. Open interest increased by 185 MT to 2120 MT, while trading volume increased by 10 to 990 MT.

Currently The spread between APR and JUN contract is -404 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)