Turmeric Prices Rise Only Slightly Despite Supply Issues

turmeric

Turmeric prices have risen by 0.15% to ₹14,522, due to concerns over slower rhizome growth and low yield estimates for the crop. Farmers are predicting lower yields, making it crucial to monitor harvest progress.

The arrival of new crops is expected to increase post-Makar Sankranti, but supply will likely remain tight. Harvesting has begun in Karnataka and Andhra Pradesh, with Telangana set to start after Makar Sankranti.

El Nino’s impact negatively affects North and South India production, limiting overall yields. Despite these supply challenges, the international turmeric market remains buoyant with high prices, and domestic consumption is expected to remain robust.

Exports increased by 6.57% during April-October 2024, reflecting strong global demand. Last year, 68-70 lakh bags were produced, but domestic consumption stands at 128 lakh bags, indicating that old stock will be depleted before the new crop arrives.

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