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India: Turmeric Arrival Has Decreased Due To Arriving Monsoon

Mintec Global
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 One of the main turmeric spot markets, Erode in Tamil Nadu, has reported having reduced arrival of the commodity. With only a few more days left for the monsoon season to hit the coasts of India, experts stated that there could be some fluctuation in the turmeric price in a few days. However, there won’t be much recession or price hike for the spice in the long run.

Current Scenario

Farmers and traders believe that the sale of turmeric, like other groceries, has remained sluggish due to the scorching heat. The trend is expected to continue.

Traders in the Erode spot market stated that after the recent recession, farmers had limited the sale of their turmeric crops for the past few days. As a result, the arrival of turmeric has reduced during the last 8-10 days. As a result, the turnover is now 3500 sacks from 7500 sacks.

However, despite the reduction of about 50 percent in arrivals, there has been no significant change in its wholesale price.

Like in Erode, the trading activity in turmeric has been reported to have remained sluggish in majour spot markets of Telangana and Maharashtra for the past few days. But the lower arrival ensured the price remained stable.

According to the available data from the Spice Board of India, it ended in March. In the first ten months of the financial year 2021-22, i.e., April-December, 2021, 1,16,407 tonnes of turmeric worth $17,12 million has been produced.

Earlier, this export of turmeric in terms of quantity and price was lower by 4 percent for both as compared to the reporting period of the previous financial year.

From April-December, 2020, 1,46,693 tonnes of turmeric worth $17,91 million were exported from the country.

Prediction

Experts stated that if the monsoon season starts anytime after May 20, as forecasted by the Meteorological Department, it will further slacken the trading activities in turmeric. In such a situation, except for minor fluctuations in turmeric, no long bullish or bearish is expected during the next two to three months.

Price Trend

In Erode, the Gatha variety held up at the pre-closed level of $1,10 – 1,12 per kg, which experienced a recent improvement by $0,01 per kg.

The turmeric bundle is available at $0,86 – $0,88 per kg

Double polished bundle at $0,92 – $0,95 per kg

Single polish at $1,08 – $1,10 per kg

Salem mini at $1,17 – $1,21 per kg

Salem pd double polish at – $1,21 – $1,27 per kg.

Turmeric Finger (Salem, Double Polished) (No.1)

DatePrice
May 11 – 16$1,19 per kg FOB
May 3 – 10$1,20 per kg FOB
May 2$1,21 per g FOB