Turmeric prices saw a small gain of 0.21%, closing at 15,622, spurred by increased purchasing activity associated with holiday demand. The shortage of turmeric on the market is made worse by Maharashtra’s declining turmeric production. Though supplies of turmeric are still scarce, upcoming beneficial rainfall in Maharashtra and Telangana is anticipated to boost crop growth.
Price trends are made more unpredictable by the decline of farming in important states like Telangana, Tamil Nadu, and Andhra Pradesh. Despite the encouraging export figures for the second quarter of 2023, the price of turmeric may be under pressure because shipments have not increased significantly at the present price levels.
This year’s turmeric planting is expected to be reduced by 20–25% as a result of changing farmer priorities. In a broader agricultural context, El Nio weather patterns are predicted to diminish September precipitation, and India is now experiencing its lowest monsoon rainfall in eight years.
This can result in higher prices for necessities like sugar, rice, and vegetables, adding to the inflation of food prices. 70% of the rain required for crop irrigation is provided during the monsoon. Prices finished at 13,620.05 Rupees in Nizamabad, a prominent spot market for turmeric, representing an increase of 0.16%.
