Turmeric prices rose by 0.78% to 13,702, driven by potential crop damage from heavy rains. However, gains were limited due to lower demand and rising arrivals. Total arrivals were 14,915 bags, a drop from the previous session’s 16,975 bags.
The combination of low supply and unfavorable weather conditions is expected to push prices higher in the coming weeks. Indonesia’s dry weather has accelerated the turmeric harvest, while India’s sowing has significantly increased, with areas like Erode, Maharashtra, Telangana, and Andhra Pradesh seeing higher sowing estimates.
The total area under turmeric cultivation is projected to rise to 3.75-4 lakh hectares this year. Exports during April-August 2024 fell by 6.46%, but August saw a 41.09% year-on-year rise, while imports surged by 340.21%.
