Medicinal and export demand help turmeric future prices increase by 7% since June

Pune: Turmeric futures have risen by 7% since June after unlocking the economy began. Increased demand for household consumption, by the medicinal industry and exports has been increasing. Like most other spices, the outlook for turmeric looks positive, with trade expecting a gradual rise of another 7% to 8% during the next three months to Diwali.

"Presently, the NCDEX turmeric futures for September delivery are trading at about Rs 5776/quintal, having risen by about 7% since June," said Anuj Gupta, deputy vice president, Angel Commodities.

Growing exports are supporting the commodity. "Total production of turmeric was 9.39 lakh tonnes in 2019-20, while the annual exports till December 2019 were about 1 lakh tonnes. Export had declined during the lockdown period. Now we expect higher exports and this will support the turmeric prices," said Gupta.

Expecting growing demand for turmeric, stockists have started investing in the commodity. "We expect that the export demand may increase by about 20% to 25% helping the turmeric prices test Rs 6000-6200/quintal levels soon. India is the world's largest producer of turmeric accounting for about 70-75% of the world's total production," said Gupta.