After the sudden slump experienced by all the three varieties of Turmeric last Thursday, i.e., December 16, the prices remained steady for all of them as the market opened on Monday. Until last Thursday, the overall sentiment for Turmeric since the beginning of the month has been between steady and firm, with significant price increases at regular intervals during the first fortnight.
Market Sentiment
After the price was dipped last week, the buyers became more active in the spot markets, which made the price stable on Monday. The benchmark market of Turmeric is the Nizamabad spot marker, and it is expected to go up by $10,60 – $13,25 per 0,1 ton in the coming days.
Owing to the good demand in the spot markets across India, before the price moved southward, the price moved up by $2,65 – $3,98 per ton.
There has been a report of 50 percent crop loss in Maharashtra, and 30 percent of the crop is damaged. The exact worth of damage can be estimated during the harvest of the crop.
In the meantime, the increase in the price that was witnessed last week also led to more crop arrival in the Erode Mandi and the other spot markets. As per experts, the increase in the arrival might have capped the price on Thursday for the crop.
The farmers are still holding onto the stocks and are expected to sell them as the price increases since the market for Turmeric is expected to go bullish.
Indian Export Of Turmeric
India so far exported a total of 13,565 tons of Turmeric till November 2021.
The major export destination
- Bangladesh – 3,432 tons
- UAE – 1958 Tons
- Malaysia – 755 Tons
- USA – 680 Tons
- Iran – 678 Tons
- Morocco – 662 Tons
- Egypt – 445 Tons
- Libya – 345 Tons
Total Export of Turmeric from January to November 1,40,570 Tons.
Price Trend
Turmeric Finger (Salem, Double Polished. No.1)
| Date | Price |
| December 20 | $1,21 per kg FOB |
| December 16 | $1,22 per kg FOB |
The trend was similar for Turmeric Finger (Nizamabad, Double Polished -Dubai Quality) and Turmeric Finger (Nizamabad, Double Polished -Europe Quality)
Prediction
Experts estimated that production for 2022 across India would be about 467 thousand MT. This is the revised figure after reported crop damage due to excessive rainfall in Maharashtra, Andhra Pradesh, and Telangana. Earlier estimates it was 489 thousand MT compared to last year’s production of 446 thousand MT.
It has been predicted that despite the crop loss during the harvesting of the current crop, there will be selling pressure on the traders and farmers. Hence, it is advised by the experts to keep booking the profits as the prices increase for Turmeric.
It has also been predicted that the loss of the crop can help the turmeric prices in the market. As a result, amidst expected good local and international demand for the spice, the turmeric marker is expected to be bullish in the coming days.
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