MUMBAI – After the market closed at a lower price for different varieties of turmeric last week, there has been no improvement in the price from the beginning of the week. At the beginning of the month, the price of turmeric increased for these three varieties, Turmeric Finger Salem Double Polished No.1, Turmeric Finger Nizamabad – Double Polished Dubai Quality, and Turmeric Finger Nizamabad Double Polished Europe Quality.
The price for Salem increased from $1,20 per kg FOB to $1,21 per kg FOB. Dubai’s Quality price rose to $1,09 per kg FOB from $1,08 per kg FOB, and similarly, Europe’s Quality price also increased from $1,12 per kg FOB to $1,14 per kg FOB.
After this, the price started spiralling downward, Salem fell to $1,180 per kg FOB from $1,184 per kg FOB. Likewise, Dubai Quality decreased from $1,065 per kg FOB to $1,060 per kg FOB, while Europe Polished closed the market at $1,100 per kg FOB after it went southbound from $1,106 per kg FOB.
On Monday, the prices for all these varieties stayed the same after it experienced a price drop on Friday.
The prices held steady on Monday were good demand for turmeric in the markets like Kesamudram and Warangal amidst the low arrival of the price. However, the weak demand for turmeric among big buyers because of the holidays in other markets like Nizamabad resulted in the week price trend of the crop. Also, the decrease in export demand for turmeric due to high shipping costs and travel restrictions in certain South Asian countries have negatively impacted the crop’s price.
According to Andhra Pradesh’s agricultural data, this year, the sowing of turmeric was less than last year’s and other year’s average. This year the sowing is about 15,156 hectares compared to 19,551 hectares on average and last year’s 16,079 hectares.
Experts predict that turmeric’s overall production in India will be up by 9.64% compared to last year. For 2022 turmeric production is estimated to be about 489 thousand MT instead of 446 thousand MT of last year.
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