India: Turmeric prices show mixed trend w-o-w; futures strengthen

• Lower arrivals, falling stocks support prices
• Rising December OI signals fresh long buildup

India’s turmeric market showed a mixed trend during the week ended 11 September 2026, as futures strengthened while spot prices moved in different directions. Sangli spot prices declined 1.4% w-o-w to INR 22,428/qtl from INR 22,738/qtl. Nizamabad spot prices, however, increased 0.6% to INR 20,167/qtl from INR 20,047/qtl. Meanwhile, October futures rose 3.5% to INR 21,120/qtl, while December gained 1.4% to INR 21,054/qtl.

Futures strengthen on improving market sentiment

The futures market turned positive during the week, with both October and December contracts moving higher. The premium of October over December narrowed to INR 66/qtl from INR 358/qtl, indicating a reduction in the near-month premium. October futures rose 3.5% to INR 21,210/qtl, while December futures gained 1.4% to INR 21,054/qtl.

Open interest (OI) showed mixed positioning. October OI remained largely unchanged at 36,080 MT from 36,085 MT, despite higher prices, suggesting limited fresh positioning. December OI increased 36.7% to 2,215 MT from 1,620 MT, alongside rising prices, pointing to fresh long buildup.

The combination of higher futures prices and rising December OI indicates improving forward-market sentiment. However, the largely unchanged October OI suggests that the recent price gains were not accompanied by significant fresh positioning in the near-month contract.

Lower arrivals, stocks support physical market

Turmeric arrivals declined 20.9% w-o-w to 3,609 MT from 4,560 MT, while reported stocks across Erode, Salem, Nizamabad, Sangli and Basmat declined 6.5% to 19,161 MT from 20,486 MT. The reduction in arrivals and stocks indicates lower reported availability in major markets. However, the reasons behind the decline in arrivals could not be independently established.

Sangli spot prices declined 1.4% w-o-w to INR 22,428/qtl from INR 22,738/qtl, despite lower arrivals and stocks. The price decline indicates that the reduction in reported availability did not translate into uniform price gains across markets.

The contrasting movement in Sangli and Nizamabad spot prices suggests that local demand and trading conditions also influenced price movements during the week.

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