Ahead of the arrival of the new crop, turmeric futures rose 0.95% to close at ₹14,038 on strong buying and restricted supply. Even as turmeric prices rose, gains were somewhat capped as weather conditions remained good and reports suggested that the turmeric crop was in good condition. Major turmeric trading hubs including Erode and Hingoli witnessed robust activity despite the partial closure of Hingoli due to elections, with daily arrivals rising to 9,030 bags from 7,965 bags in the previous session.
Turmeric cultivation in India has also increased, with key regions like Maharashtra, Telangana and Andhra Pradesh registering a growth of 30-35% over the previous year. The total area sown in turmeric is expected to increase from 3.25 lakh hectares to 3.75-4 lakh hectares this year. Incessant rains may delay the harvest at times and may provide short-term price support. Due to dry weather, the turmeric harvest in Indonesia is at its peak but this could increase supply pressure globally.
In April-September 2024, 92,911 tonnes of turmeric were exported, up slightly by 0.96% from the 92,025 tonnes shipped in the same period the previous year, according to export reports. On the other hand, exports fell by 4.06% in September. Due to increasing domestic demand, the export from April to September 2024 increased by 184.73% year-on-year to reach 15,742 tonnes.
