Turmeric price has gained a 7% hike since June. The reason for this is the surge in demand for turmeric after lockdown. The demand for turmeric for the medicinal industry, exports and domestic consumption is increasing. Turmeric is expected to grow further. By Diwali i.e. during the next three months, prices of turmeric may increase by 7% to 8%.
“Currently, NCDEX turmeric futures for September delivery is trading at Rs 5776 per quintal”, said Anuj Gupta, deputy vice president, Angel Commodities. Turmeric prices have increased due to increased export demand.
Gupta said that “The total production of turmeric was 9.39 lakh tonnes in 2019-20, while the annual exports were around 1 lakh tonnes as of December 2019. There was a decline in exports during the lockdown period. Now we expect exports to increase. This Turmeric price will get support. “
Hoping that demand for turmeric will increase, stockists have started stocking it. He said, “We expect turmeric prices to try the 6000-6200 / quintal level soon. Export demand may increase by around 20% to 25%.” Turmeric Production.
Abhishek Kumar@samacharline