Turmeric prices fell across India on tuesday Sluggish demand from the stockists and processors

Mintec Global
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On December 28, the overall trend for Turmeric was bearish. However, a day earlier, while the Turmeric prices across the country remained steady, the spot markets reported a mixed trend. After the sudden slump of the price yesterday, the market remained stable. There were price hikes on two consecutive days last week.

Market Sentiment 

  • It was reported that lowering the stock in the spot markets would support the prices of Turmeric varieties.
  • On Monday, December 27, the prices fell in Duggirala and Erode.
  • The spot markets across India experienced a steady trend with moderate trade.
  • The reason for prices going down in Duggirala and Erode is the sluggish demand from both the stockists and processors.
  • According to experts, this price slump or steady nature for the crop is temporary. The price will increase in the future.
  • Buyers will get active in the coming days in Nizamabad, and the price is likely to go up by $10.70 to $13.38 per 0.1 ton.

Arrivals 

On December 27, the arrival of bags recorded for the spot markets was:

  • Nizamabad had the arrival of 1,500 bags
  • Duggirala recorded arrival of 700 bags
  • Erode spot market had the arrival of 2500 bags

Prediction 

Due to the heavy rains in Maharashtra, Andhra Pradesh, and Telangana, there have been crop damage reports. Currently, the crop damage is expected to be between 8 and 10 percent in Maharashtra’s Hingoli and Basmat districts. The crop damage has resulted in a decrease in the production of Turmeric for 2021-22.

Earlier, the prediction was for 489 thousand MT, but now it stands at 467 thousand MT compared to last year’s 446 thousand MT. The reduced production is expected to be beneficial for the price of the crop in the coming year.

Prices 

In Duggirala, the prices were down by $1.34 per 0.1 ton, and in Erode, it was down by $4.68 per 0.1 ton.

Turmeric Finger (Salem, Double Polished No.1)

DatePrice
December 28$1,230 per kg FOB
December 22$1,235 per kg FOB
December 21$1,230 per kg FOB
December 16$1,215 per kg FOB

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