Turmeric prices expected to rise due to low stock and festive demand

12-Sep-2024 04:23 PM

Mumbai. Turmeric prices were soft for the last few months, but now it is expected to first stabilize and then rise. According to experts, its price may increase by about 10 percent by the first week of November as compared to the current level.

According to trade analysts, turmeric stock is low and there are also reports of damage to the crop due to heavy rains, waterlogging and floods, while festive demand has started coming out.

It is worth mentioning that on May 27, the futures price of turmeric jumped sharply to a high of Rs 20,430 per quintal, but after that it fell to Rs 15,000 per quintal in July and then in the last week of August it came in the range of Rs 13000 per quintal.

The main reason for this decline is the significant decrease in exports in Bangladesh, while profit booking by investors / speculators in the commodity exchange was also considered an important reason for this.

According to analysts, in the coming time, there will be stability and an upward trend in the prices of turmeric and by the first week of November, its price may rise to Rs 155,00-16,000 per quintal. Even after that, the upward and strengthening environment is likely to remain.

According to a leading analyst, it seems that the price of turmeric has already fallen to the bottom and now instead of softening, it will create an upward trend.

The price of turmeric will not remain stable at the current level for long. If it jumps to the height of Rs 17,000-18,000 per quintal in November, it will not be a surprise. But this rise in prices may not come suddenly but intermittently.

The futures price of turmeric for the contract of October, the most active month in the commodity exchange, rose by 3 percent within a week to Rs 14,100 per quintal. The price of turmeric has also reached Rs 14,000 per quintal in Nizamabad Mandi of Telangana.