- Sangli turmeric prices rise 4.3% w-o-w on stronger quality premium
- Stocks increase across key markets, indicating comfortable availability
Turmeric markets showed a mixed trend during the week ended 7 August, with premium-quality turmeric gaining in Sangli, Maharashtra, while Nizamabad, Telangana, remained broadly stable. Conversely, futures remained under pressure.
Quality premium supports Sangli
BigMint’s assessments placed turmeric finger prices in Sangli at around INR 23,000/quintal on 7 August, rising by 4.3% from INR 22,050/quintal on 31 July. Prices touched around INR 23,700/quintal on 6 August before correcting to INR 22,150/quintal on 10 August, down 4% d-o-d.
Meanwhile, Nizamabad turmeric finger prices were at around INR 20,200/quintal on 7 August, compared with nearly INR 19,800 in late July. Prices declined to INR 19,863/quintal on 10 August, down 1.9% d-o-d. The correction followed the sharp early-August rally, as elevated price levels triggered profit booking and market correction. Rising stocks at key centres also pointed to comfortable availability, prompting buyers to remain cautious.
The sizeable differential between Sangli and Nizamabad reflects stronger buying interest for premium-quality turmeric, while demand for standard material remains comparatively subdued.
Stocks build across key centres
Stock levels increased across most monitored markets. Stocks in Erode-Salem, Tamil Nadu, rose 25.6% to 588 tonnes (t) from 468 t, while Nizamabad stocks increased 7.5% to 3,077 t. Sangli stocks climbed 7.9% to 6,971 t, whereas Basmat stocks remained unchanged at 4,954 t. The broad-based inventory increase indicates comfortable availability and could keep traders and processors measured in their procurement.
Futures signal increased selling activity
NCDEX turmeric August futures declined 4.9% w-o-w to INR 20,516/quintal, while October and December contracts fell 3% and 2.3%, respectively. The decline was driven by profit booking and fresh selling after the recent rally, with comfortable supply conditions adding to the pressure. Open interest increased to 9,543 from 8,670 alongside the price decline, indicating higher market participation and increased selling activity. The correction in physical prices further weighed on futures sentiment.
Overall, the turmeric market remains mixed, with premium-quality physical turmeric finding support while the broader market faces profit booking, rising stocks and weaker futures. Buyers are likely to remain selective, particularly for standard-quality material, while traders will closely monitor inventories, arrivals and processor demand.
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