Record Surge in Turmeric Prices: Production Threatened by Adverse Weather

Mumbai. Turmeric—a spice prized for its medicinal properties—saw its futures prices soar to a new record high last week, accompanied by a sharp rally in the spot market. The supply-demand dynamics have become complex, with indications that crops in major producing states have been impacted by adverse weather and natural disasters. As the festive season concludes and the wedding season begins, demand for and consumption of turmeric are expected to rise. Given these conditions, if supply remains constrained, the upward trend in the prices of this essential spice is likely to persist.

On November 6, the price for the most active futures contract (December 2026) on the NCDEX platform surged to an all-time high of ₹28,392 per quintal. Current stock levels are reportedly low, while major producing states like Maharashtra and Karnataka have suffered crop damage due to severe drought. Similarly, in Andhra Pradesh, heavy rainfall—triggered by two intense cyclonic storms, 'Arnab' and 'Murasu,' which struck within just 10 days of each other—is expected to have damaged the turmeric crop. Telangana has also been grappling with drought conditions.

According to market analysts, while high prices may trigger profit-booking—potentially leading to price volatility—the overall sentiment remains bullish, as supply is failing to keep pace with demand. It is worth noting that November and December are considered peak months for turmeric consumption. Furthermore, export demand for turmeric remains robust, making any softening in prices unlikely over the coming weeks.