India: Turmeric market weekly – spot prices, futures extend gains on firm demand

• Spot prices increased across key markets despite higher arrivals.
• Futures rallied as open interest rose, signalling fresh buying interest.

India’s turmeric market remained firm during the assessment week ending 10 July, supported by improving domestic and export demand, higher futures prices, and continued tight availability of old-crop stocks. Although daily arrivals increased 19.5% week on week to 11,875 tonnes from 9,938 tonnes, overall market sentiment stayed positive as limited carry-forward inventories and steady buying by stockists and exporters offset the pressure from fresh arrivals.

Spot market remains firm

Spot prices strengthened across major trading centres. Sangli prices rose 2.3% week on week to INR 18,742 per quintal from INR 18,329 per quintal, while Nizamabad prices increased 4.2% to INR 17,230 per quintal from INR 16,535 per quintal, reflecting sustained physical demand. Market participants noted that intermittent lower arrivals due to temporary market closures in Maharashtra and tight spot supplies continued to support prices.

Futures advance with higher participation

NCDEX turmeric futures extended their gains during the week. The August contract climbed 8.1% week on week to INR 18,988 per quintal from INR 17,562 per quintal, while the October contract gained 6.3% to INR 19,232 per quintal from INR 18,092 per quintal. Open interest also increased, with the August contract rising 5.6% to 28,995 lots and the October contract nearly doubling to 4,505 lots from 2,300 lots, indicating fresh buying interest and improving trader participation. The June contract expired with nil open interest.

Stocks and outlook

Warehouse stocks remained largely stable. Erode Salem and Nizamabad stocks were unchanged at 349 tonnes and 3,125 tonnes, respectively. Sangli stocks edged up marginally to 5,249 tonnes from 5,239 tonnes, while Basmat stocks increased to 4,106 tonnes from 3,772 tonnes, reflecting continued inflows.

Market participants said firm export enquiries and limited old-crop availability continued to underpin prices. Meanwhile, favourable monsoon rainfall across major turmeric-growing regions has accelerated Kharif sowing and encouraged farmers to expand acreage due to attractive prices. While improved crop prospects may temper bullish sentiment in the coming months, market direction in the near term is expected to depend on the pace of arrivals, export demand, and monsoon progress.