News Capsule: Turmeric Hits Consecutive Upper Circuits on Weak Rainfall; NCDEX Imposes Additional Margin – What Next?
14-Jul-2026 10:15 AM
News Capsule: Turmeric Hits Consecutive Upper Circuits on Weak Rainfall; NCDEX Imposes Additional Margin – What Next?
★ Turmeric futures on NCDEX have rallied sharply over the past two sessions as concerns over deficient monsoon rainfall in South India threaten sowing prospects. The most-active August contract gained 6% on Monday to close at ₹20,126 per 100 kg, and hit another upper circuit at ₹20,278 per 100 kg on Tuesday.
★ Amid rising price volatility, NCDEX has reimposed an additional surveillance margin of 2.5% on turmeric futures until August 4.
★ Rainfall has weakened significantly across South India. On Monday, the region received only 0.2 mm of rainfall against the normal 6 mm, a deficit of 96%. Six out of ten meteorological subdivisions, including key turmeric-producing states Telangana and Tamil Nadu, received no rainfall.
★ In Sangli, Maharashtra, turmeric acreage has increased this season, but the crop now urgently requires timely rainfall to sustain yield prospects.
★ The rally has been driven by concerns that poor rainfall could disrupt sowing, while structurally tight supplies and lower carry-forward stocks continue to support prices.
★ I-Grain India believes that at the current elevated price levels, booking partial profits would be a prudent strategy, as the recent rally has been extremely sharp and weather conditions remain the key factor to watch.
★ Meanwhile, coriander prices remained under pressure as buying slowed at higher levels, although the longer-term outlook continues to be supported by lower arrivals from Gujarat and Rajasthan.
★ Jeera prices also remained weak due to higher arrivals and sluggish industrial demand. Arrivals in major mandis have surged 96% week-on-week to 7,505 tonnes, while reports of healthy crops in competing exporters such as China and Syria have further weighed on export sentiment.