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30% price surge takes colour off turmeric exports
February 26, 2021
No demand for shipments at current prices of around ₹9,000, say traders
Export prospects of turmeric have been affected following a 30 per cent increase in its prices since the beginning of this month across various primary agricultural markets in the country.
According to the Ministry of Agriculture and Farmers’ Welfare data, turmeric prices increased to ₹8,294 a quintal for the finger variety on Friday at Erode in Tamil Nadu as against ₹6,250 on February 2. Prices of the bulb variety increased to ₹7,649 from ₹5,994 during the same period.
On NCDEX, April contracts for delivery from Nizamabad increased from ₹6,402 a quintal to ₹8,420.27 and May contracts from ₹6,480 to ₹8,439.90 during the period. Nizamabad and Erode are the primary trading centres for turmeric in the country.
Turmeric hits 5-year high on crop damage
February 16, 2021
Speculation also suspected behind the price surge
Turmeric prices have surged to a five-year high amid crop damage concerns and demand prospects. From February 1, April futures have increased nearly 25 per cent to ₹7,990 a quintal on NCDEX. Spot prices have moved up 19 per cent in Nizamabad, Andhra Pradesh, with modal prices (rates at which most trades take place) to ₹6,750 a quintal on Monday.
Quality turmeric fetched as much as ₹7,911 a quintal in Nizamabad.
Crop projection
Trader sources attributed the rise in prices to factors such as crop damage in growing regions, but they also suspected speculative factors pushing up prices. Turmeric crop for the year was projected to be around 98 lakh bags (each of 60 kg) but rains during October 2020 caused flooding and higher moisture leading to 10-15 per cent of the crops Telangana, Karnataka and parts of Maharashtra being affected. Arrivals have started in key markets