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Short
supply pushes turmeric prices to new highs
Kavitha
Venkatraman in Chennai
Riding on the back of an acute short supply following
undue delay in crop arrival has seen turmeric prices scaling
fresh highs in December. Turmeric prices which was ruling in
the range of Rs 14 to Rs 16 per kg in November has now peaked
to Rs 23 per kg range. Trade sources say prices are likely to
go up further by 20 per cent in the coming months.
“The new crop which was expected to arrive during the first
week of December has been delayed for unknown reasons. The market
is facing an acute shortage and the crop is now expected to
arrive only by January end,” trade sources said adding, “this
will put upward pressure on the prices of the commodity during
the next couple of months.”
The new crop which is expected to arrive in the market by January
end is estimated to be around 40 lakh bags. (One bag is equal
to 75 kgs). Currently, the carry over stock from last season
available in the market is estimated to be 20 lakh bags. The
delay in crop arrival is also expected to affect the export
performance as China, which harvested a bumper crop, was quick
to grab the Indian share of the market. About 10 per cent of
the indian production has been normally exported to countries
like USA, Japan, Middle-East and Europe.
Average turmeric production per year is estimated to be around
60 lakh bags.
“India normally exports turmeric to countries including Japan,
USA, Europe at around $12,000 to $13,000 per tonne. However,
this year exports are likely to get hit primarily because of
the higher Indian prices and stiff competition by China,” sources
said. China and Pakistan are the other major competitors for
the commodity in the international market, sources added.
Turmeric is mainly cultivated in Tamil Nadu, Andhra Pradesh,
Madhya Pradesh and Orissa. Tamil Nadu and Andhra Pradesh account
for a major portion of the production.
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