Turmeric prices increased by 3.72% to ₹14,204 due to tighter market supplies and renewed stockist interest. However, the increase was limited by reports of increased sowing this year, with farmers holding back stocks and anticipating further price increases.
Dry weather in Indonesia has sped up harvesting, reducing production. Increased sowing in key regions like Maharashtra, Telangana, and Andhra Pradesh could impact prices in the future.
Turmeric sowing has nearly doubled in some areas, predicting an upcoming crop of 70-75 lakh bags. However, increased acreage and weaker export demand may impact prices.
Turmeric exports dropped by 19.52% between April and June 2024, while imports surged by 485.40%, reflecting changing market dynamics. June saw an 18.43% decline compared to last year.
