Turmeric Likely to Go on a Bullish Rally

There are reports of less production of turmeric in all the major turmeric-producing areas. The market looks bullish ahead in Erode considering the shortfall in arrivals compared to the last several years.

Huge losses – out of stock

Turmeric traders have suffered huge losses, and 90% of the traders have been out of stock of turmeric, and those in trade are still stuck in their throats due to the high price of turmeric. Turmeric sowing is decreasing daily in all the growing areas of South India, including Erode, Warangal, Cuddapah, Duggirala, Nizamabad, Sangli, and Induko. This time too, there are reports of a considerable decrease in sowing, and the arrivals in Erode are 37-38% less compared to last year due to the possibility of a reduction in both production and productivity is visible.

Future Scenario

It is worth mentioning that turmeric prices have reached a standstill even in the international markets. On the other hand, the domestic consumption of turmeric has also increased. However, due to the old turmeric lying for many years, less production’s effect is not visible. And therefore, traders who bought turmeric are stuck.

Traders estimate that 6 to 6.5 million turmeric will be produced, and the old turmeric has also been cut this time, so there is no scope for decrement. Thus, to bring things to closure, experts opine that turmeric can make up for the earlier losses.

The Turmeric finger Salem double polished grade A prices were Recorded at $0,94 per kg FOB.

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