Turmeric prices are down by nearly ₹500 for a quintal for finger and bulb varieties over the last fortnight, while the fall has been high in the case of premium Rajapuri varieties grown in Maharashtra due to less domestic demand. “Prices have dropped over the last 10 days as demand has slowed. The trade is now treading with caution,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.
On NCDEX market, turmeric (farmer polished) closed at ₹8,510 for a quintal for May delivery and ₹8,630 for June on Monday. Prices were at least higher by ₹350 on April 18 in comparison. “Normally, demand fade out after May 20 every year. This year, it seems to have happened a little early. Prices are likely rule at these levels over the next couple of months,” Ravishankar added.
Turmeric prices were moved earlier this year on panic of a lower crop. The trade had raised panic that 20-30% of the crop could have been hit by the unseasonal rains during October-November last year. But, turmeric prices have ruled stable before the current fall.
According to the first advanced estimate of horticulture crops supplied by the Ministry of Agriculture, turmeric production this season to June is estimated to be 11.76 lakh tonnes as against 11.24 lakh tonnes with the area under the crop rising 3.06 lakh hectares from 2.93 lakh hectares.
Amrutlal Kataria, a trader from Nizamabad, Telangana, said, “Prices are also declined since the quality of the turmeric currently available is not good.” On the export front, demand is expected to recover once Ramadan gets over.
