India: Turmeric prices stay firm despite sharp rise in arrivals

• Strong NCDEX futures, bargain buying support market
  
  
• Higher arrivals from Maharashtra ease supply tightness
  
  

Turmeric prices remained firm across India's major spot markets on 7 May, as supportive NCDEX futures offset pressure from a sharp increase in physical arrivals following the reopening of key mandis in Maharashtra and other producing states.

Physical arrivals improved significantly after trading activity resumed in several Maharashtra markets, lifting total arrivals to nearly 36,000 bags compared with around 6,000 bags in the previous session. Traders said the increase was largely linked to the reopening of wholesale markets and improved farmer participation after recent disruptions. Despite the rise in supply, buying interest remained stable, particularly for quality finger and polished varieties.

Market participants noted that trading activity continued to fluctuate due to intense summer conditions across producing regions. Several mandis are expected to operate on alternate days in the coming weeks, which could keep supply flow irregular and limit aggressive downside pressure on prices.

Futures market lends support to spot prices

Turmeric futures on NCDEX extended gains after nearly two weeks of consolidation, reflecting renewed bargain buying at lower levels. The May 2026 contract settled at INR 16,460 per quintal, up 1.0% on the day, while the June 2026 contract gained 1.7% to close at INR 16,438 per quintal.

Traders attributed the recovery to short covering and improved market sentiment after recent corrections. Firm futures also encouraged stockists and bulk buyers to maintain active participation in the physical market.

Spot market remains stable

In the spot market, Nizamabad polished turmeric traded at INR 15,725 per quintal, while unpolished material was quoted at INR 14,603 per quintal. Sangli Rajapuri turmeric remained elevated at INR 17,679 per quintal due to steady demand for premium lots and relatively tight availability.

Overall, the short-term market outlook remains stable to slightly firm. Although higher arrivals may trigger intermittent pressure, supportive futures, fluctuating supply conditions, and limited carry-forward stocks are expected to keep turmeric prices range-bound with a positive bias in the near term.