Turmeric, the yellow spice, saw a good start in the initial month of the current year, 2022 and remained range-bound in February, but it slipped gradually in March. So the first three months were neutral. But the spice did not rise in the following months until December. It kept on decreasing at a gradual rate for the rest of the months of this current year. In December, it fell to $0,96 per kg, the lowest rate in the entire year.
January-April
January and February are the arrivals months of Turmeric in the market. The arrivals were hefty, but the quality was poor, it was predicted that the standing crops might be in good condition, but the unseasonal rains had deteriorated the quality. In March, the market sentiments were mixed. Some traders anticipated high prices, whereas others had a wait-and-watch opinion, as no one had any prediction regarding the future of this healing commodity. However, in April, the same sloppy trend prevailed, which made stockists reluctant to buy, and stock turmeric as the commodity was underperforming and the quality was not appropriate.
May-August
Even in May, Turmeric continued its southward journey at a consistent level. The reason for the decline was the syndicate of major stockists, who could foresee the fall of Turmeric and propelled the fake news of the arrival of poor quality and low yield of Turmeric in the upcoming year. A COVID wave was in its swing, and due to the healing and medicinal properties of Turmeric, during the past, it was in demand. Thus, many small traders stocked the goods hoping for early returns, but the news disturbed the average trades, negatively affecting the market. The commodity oscillated between a consolidated range and a bearish phase in June. Thus, many farmers lost interest in cultivating turmeric; therefore, the sowing was predicted to be reduced by 30%. July showed a consolidated trend for most of the time, and a fall was also witnessed. Thus even farmers supplying to major stockists lost their interest in cultivating Turmeric as they were asked to give credit of 7-10 days.
September-December
A kind of prejudice developed between traders and farmers in September. As a result, the stockiest who had huge stock cleared their goods at given rates. Until October, rhizome saw a downfall of nearly 19%, and it is because the demand was good in the previous year as Turmeric was seen to be an antiseptic against COVID, but this year there was no heavy demand, and thus the prices fell. However, in November, two news supported the commodity as Kandhamal district’s Turmeric was awarded as National Intellectual Property. Second, Turmeric’s active constituent, curcumin, is a boon for various ailments. The last month experienced a degrowth for two primary reasons the sluggish buying trend and the upcoming massive fresh arrivals of turmeric in the country.
Overall, the commodity underperformed in the current year; thus, a speedy recovery is impossible. Finally, the experts opine that Turmeric’s future is uncertain, and until the entry of the next arrival, the market will not see any bullish phase. Only some export inquiries can stir up trade and bring rate hikes to some extent.