Turmeric prices rose by 0.86% to 12,842 due to potential crop damage from heavy rains. However, gains were limited due to lower demand and increased arrivals. The upcoming season is estimated to be 30-35% higher than last year, indicating a rise in production.
Dry weather in Indonesia has accelerated turmeric harvesting, adding pressure on prices. Domestically, sowing on the Erode line has doubled from last year, with major turmeric-growing states reporting a 30-35% increase in sowing.
Estimated production for 2024 is 45-50 lakh bags, with a zero carryover stock projected, limiting availability for 2025.
Trade between April and August 2024 saw a 6.46% drop in turmeric exports and a 340.21% surge in imports due to increased demand. Spot prices in Nizamabad closed at 13,535.85 rupees, down by -0.22%.
