There has been a significant improvement in turmeric prices this month. The price kept strong in the spot market for the crop amidst the news of improved demand in the future. However, this might change, and the price can become bullish for the new crop due to the lack of rain.
Last month Maharashtra’s crop didn’t receive enough rainfall, and this can damage the crop. As a result, the prices are likely to be affected, according to sources.
Despite closing at $1,18 per kg FOB last month for the Finger (Salem, Double Polished, No.1. variety, it dropped to $1,16 per kg FB on the first of the month. It then increased to $1,18 per kg FOB before having another slump to $1,16 per kg FOB. However, on August 17, it grew to $1,20 per kg FOB.
The trend was the same for other varieties, i.e., Finger (Nizamabad, Double Polished, Dubai) and Finger (Nizamabad, Double Polished, Europe). The former closed at $1,06 per kg FOB from $1,02 per kg FOB, while the latter rose from $1,06 per kg FOB to $1,18 per kg FOB.
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