Turmeric prices fell by 2.96% to ₹13,626, driven by increased sowing and dry weather in Indonesia. However, tighter market supplies and stockist buying interest limited the downside. Farmers held back stocks in anticipation of price rises.
Low export demand and rising sowing acreage could contribute to further price declines. Sowing reports show doubled turmeric sowing on the Erode line, with Maharashtra, Telangana, and Andhra Pradesh experiencing 30-35% higher sowing.
India’s turmeric sowing has increased from 3-3.25 lakh hectares last year to 3.75-4 lakh hectares this year, with an expected crop of 70-75 lakh bags for the upcoming season.
However, exports dropped 19.52% between April and June 2024, while imports surged by 485.40%. Prices in Nizamabad, a key spot market, slightly increased by 0.1% to ₹14,364.
