Spot Turmeric Brightens in Nizamabad, Nanded; Futures Settle in Green

Mumbai (Commodities control) - Spot turmeric prices are continuously edging higher at major mandis in the country. At apex Nizamabad mandi, Finger and DP Finger varieties of turmeric moved Rs 300-500 higher, while Gathha and DP Gathha inched up by Rs 100-500 per Quintal amid arrivals of 3,000 bags vs 1,500 bags in the last session

It is to be noted that turmeric prices are rallying higher last week amid fear of low production this year. Turmeric growing regions of Telangana, Maharashtra, Karnataka are likely to have an adverse impact on the overall productivity of Turmeric.

Turmeric prices gained Rs 50 per Quintal in Basmatnagar for Gathha and Finger varieties each, amid arrivals of 2,000 bags vs 3,750 bags in the previous session. However, mandis of Sangli and Warangal witnessed stable trade amid arrivals of 2,000 bags and 100 bags respectively.

On NCDEX, turmeric April futures closed Rs 82 higher at Rs 6,380 and May futures settled Rs 106 per Quintal stronger at Rs 6,414 on Wednesday. Gathha and Finger varieties of turmeric surged Rs 100-200 higher in Nanded amid arrivals of 8,000 bags.

Traders reveal that recent rains in Telangana, Maharashtra, Karnataka in Turmeric growing regions are said to hurt the overall productivity of Turmeric due to standing water and higher moisture. Stockists are getting active and have started purchasing actively due to factors like decreasing sowing area and increasing demand.

Buying is expected to improve in the coming month, when the quality of the new crop improves.

India’s turmeric production was estimated at 9.46 lakh tonnes compared to 9.61 lakh tonnes the previous year, despite the area under the crop rising by 4,000 hectares to 2.57 lakh hectares.