New Delhi, April 01 (Commodities Control): Turmeric prices across major spot markets have registered a decline attributed to insufficient demand at current price levels. However, the Duggirala market saw a significant price increase of Rs 1,000 per quintal following its reopening after a prolonged closure.
Increased arrivals were reported despite the closure of most Maharashtra markets. While domestic demand remains robust, export demand is yet to pick up significantly.
The recent slump in turmeric prices has fueled domestic demand, while export demand languishes. Trading activity has reportedly slowed down due to year-end activities and the Holi festival. Market sources indicate the presence of export inquiries, signaling a potential boost in prices.
Arrivals have surged to 26,400 bags from a previous 19,700, with a notable increase in Nizamabad despite the Maharashtra market closures. Arrivals are estimated to be 20-30% lower than anticipated, a consequence of diminished output.
NCDEX turmeric futures experienced a decline for the second consecutive session, with April contracts dipping by 3.7% and August contracts by 3.5%. This price pressure is ascribed to tepid trading activity. Nonetheless, in light of the projected production shortfall, a price upswing is anticipated in the near term.
The Ministry of Commerce's release of January EXIM data paints a mixed picture. Exports have declined by 16% to reach 10,491 MT, influenced by weaker shipments to Bangladesh and Iran. Conversely, imports have registered a 27.8% growth, totaling 1,125 MT.
NCDEX Spot Prices
Nizamabad - NCDEX Polished - 16,391
Nizamabad - NCDEX Unpolished - 15,590
Sangli - NCDEX Rajapore - 18,360
Turmeric contract for APR delivery settled at Rs 16500/quintal showing an fall of Rs -638 over previous close of Rs 17138/quintal,The contract moved in the range of Rs 16324-17150 for the day. Open interest decreased by -955 MT to 12560 MT, while trading volume increased by 720 to 4450 MT.
Turmeric contract for JUN delivery settled at Rs 17000/quintal showing an fall of Rs -608 over previous close of Rs 17608/quintal,The contract moved in the range of Rs 16904-17500 for the day. Open interest increased by 1120 MT to 6660 MT, while trading volume increased by 1130 to 2405 MT.
Currently The spread between APR and JUN contract is -500 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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