- Turmeric futures gain w-o-w amid rising open interest
- Spot prices show mixed movement across key markets
India’s turmeric market showed mixed signals in the week ended September 25, with futures strengthening despite higher physical arrivals and stocks. The wx-Nizamabad benchmark rose 0.6% w-o-w to INR 19,933/quintal (qtl) from INR 19,808/qtl, while ex-Sangli declined 0.8% to INR 22,282/qtl from INR 22,458/qtl.
Spot market remains mixed
Spot prices were largely stable to firm. Sangli turmeric edged up to INR 22,791/qtl from INR 22,782/qtl, while Nizamabad increased 1.3% w-o-w to INR 20,223/qtl from INR 19,962/qtl.
Arrivals, however, rose 32.8% to 2,870 tonnes (t) from 2,161 t, indicating increased availability in the physical market. Sustained higher arrivals could limit further spot price gains unless demand strengthens.
Futures gain on fresh long buildup
October turmeric futures rose 2.4% w-o-w to INR 20,750/qtl from INR 20,268/qtl, while December futures increased 3.3% to INR 21,096/qtl from INR 20,414/qtl.
Open interest also increased. October OI rose 1.9% to 36,855 t from 36,160 t, while December OI jumped 31.1% to 3,140 t from 2,395 t. The combination of rising prices and OI indicates fresh long buildup, particularly in December.
Stocks continue to rise
Turmeric stocks increased 2.6% w-o-w to around 20,187 t from 19,679 t. Nizamabad stocks rose to 3,738 t from 3,658 t, Sangli to 7,362 t from 7,283 t and Basmat to 8,351 t from 8,002 t. Erode stocks remained unchanged at 736 t.
Outlook
Turmeric prices are likely to remain mixed with a firm undertone in the near term. Stronger futures and fresh long buildup are providing support, while higher arrivals and stocks could cap gains. Price direction will depend on demand absorption and whether increased physical supplies translate into further inventory accumulation.
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