Last Monday, the turmeric prices went up. However, the following day there was a price drop; afterward, it held steady.
Current Scenario
The spot market activity has improved with increased local demand, making the market stable. The buyers are stocking up the old turmeric, and the traders are eager to sell the excellent quality old stock at a higher price.
- The low stock of the old commodity in the spot markets supported the prices of Turmeric varieties.
- According to experts, the crop’s price slump or steady nature is temporary. The price will increase in the future.
- Most of the new crops arriving in the market have 15 to 18 percent moisture content.
- As of now, buyers are inactive for the new crop due to high moisture content; as the weather changes, the moisture content in the bulbs will reduce. Eventually, the buying of fresh produce will increase.
- Currently, the old crop supply has gone low in markets, for which the demand is more.
- New crop arrivals are between 17,000 and 19,000 bags daily, with each bag weighing 70 kgs.
Prediction
Due to the heavy rains in Maharashtra, Andhra Pradesh, and Telangana, there are reports of crop damage. The crop damage has resulted in a decrease in the production of turmeric for 2021-22.
Earlier, the prediction was for 489 thousand MT, but now it stands at 467 thousand MT compared to last year’s 446 thousand MT. According to market analysts, reduced production will be beneficial for the price of the crop with few temporary price corrections as the new crop arrival increases in the market.
Turmeric Finger (Salem, Double Polished No.1)
| Date | Price |
| March 10 | $1,23 per kg FOB |
| March 7 | $1,24 per kg FOB |
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