“Presently, the NCDEX turmeric futures for September supply are buying and selling at about Rs 5776/quintal, having risen by about 7% since June,” stated Anuj Gupta, deputy vice chairman, Angel Commodities.
Rising exports are supporting the commodity. “Whole manufacturing of turmeric was 9.39 lakh tonnes in 2019-20, whereas the annual exports until December 2019 have been about 1 lakh tonnes. Export had declined in the course of the lockdown interval. Now we anticipate larger exports and it will assist the turmeric costs,” stated Gupta.
Anticipating rising demand for turmeric, stockists have began investing within the commodity. “We anticipate that the export demand could improve by about 20% to 25% serving to the turmeric costs take a look at Rs 6000-6200/quintal ranges quickly. India is the world’s largest producer of turmeric accounting for about 70-75% of the world’s whole manufacturing,” stated Gupta.