On January 1, there were reports of the arrival of the new Turmeric crop in the Erode spot markets in good quantities. Other markets also received the stock from the new crops.
Current Scenario
- The overall domestic demand is weak.
- An increase in the arrival of turmeric in the spot markets is capping the price.
- After the price drop earlier in the weak, the market has become stable.
- The recent arrival of new crop is estimated between 600 to 700 bags on an average in the spot markets, with each bag weighing 70 kg.
- The average moisture content in the new crop is reported to be between 18 and 22 percent.
- Earlier, the ending stock was reported to be lower, which pushed the market price up last month.
- With the arrival of new crops and higher moisture content, buying has slowed down in the first week of February.
- According to experts, the buying activity will increase as the moisture content reduces in the crop in the coming days.
Price Trend
The NCDEX was reported to have closed at a loss of $2.91 per kg on January 1.
Turmeric Finger (Salem, Double Polished, No.1)
| Date | Price |
| February 7 | $1,28 per kg FOB |
| February 3 | $1,26 per kg FOB |
| February 1 | $1,27 per kg FOB |
Prediction
- As per the experts, the price trend is difficult to predict for turmeric at the moment. Hence the advice is to trade cautiously and in limited quantity only.
- In another report, experts predict that near 8 to 10 percent crop damage caused due to the heavy rain in Maharashtra and parts of Telangana and Andhra Pradesh will likely help the commodity’s price in the coming days.
- Also, the low carry overstock for 2022, i.e., 48 thousand MT compared to last year’s 62 thousand MT, can help in price appreciation in the coming days until the new crops’ moisture content reduces.
For more information, facts and figures, become a member. Click here.