Turmeric prices may reach new heights next year

02-Sep-2024 11:53 AM

Mumbai. A leading market analyst says that the domestic and export demand for turmeric will be very strong next year, due to which the price of this spice may jump to a new height.

Addressing the "Global Turmeric Conference 2024" organized by the Institute of Commodity Market and Research of NCDEX, the director of Kedia Advisory said that in view of the limited availability in the global market, the price of turmeric may once again see a huge boom.

It is noteworthy that on May 27, 2024, the price of turmeric jumped to a peak of Rs 20,430 per quintal,

which has now come down by about 50 percent to Rs 13,372 per quintal on the previous day. During the month of August, the futures price of turmeric remained soft on 14 out of a total of 21 working days in the commodity exchange.

The reason for this was the increase in the area of ​​turmeric cultivation, exports to Bangladesh getting stuck and investors insisting on profit booking.

According to another analyst, the market condition and direction may start changing from November.

The price of this yellow spice may first fall to Rs 11,100 per quintal and after that a period of rise is likely to begin.

A panel believes that there is a possibility of an environment of rise and strength in the prices of turmeric in the coming time.

For the last few years, farmers have not received a high price for turmeric, due to which their enthusiasm and attraction towards its cultivation has decreased.

This time the previous outstanding stock of turmeric is also not huge. During the last four-five years, there has been a decline of about 50 percent in production.

At present, the arrival of turmeric in Sangli market of Maharashtra is the lowest in the last five-six years.