Turmeric NCDEX Market Overview (Weekly Summary)
03-May-2025 01:27 PM

Turmeric NCDEX Market Overview (Weekly Summary)
Turmeric emerged as the best-performing spice this week.
★ The May contract started at Rs. 13,950 but fell to Rs. 13,746 on April 29. However, it quickly recovered, reaching Rs. 14,176 on April 30 and closing at Rs. 14,254 on May 2, gaining over 300 points during the week.
★ Similarly, the June contract began at Rs. 14,140 on April 28 and dropped to Rs. 13,920 on April 29. But it bounced back over the next two days and closed strong at Rs. 14,476 on May 2, making it the most bullish contract of the week.
★ On the supply side, daily arrivals dropped significantly to 36,942 bags, compared to 47,020 bags in the previous session. Farmers are withholding supply in anticipation of better off-season prices, tightening market availability.
★ Despite a 10% increase in turmeric acreage this season, reaching 3.30 lakh hectares, production is under pressure due to untimely rains. In regions like Nanded, reports show smaller rhizome size and even crop rot, indicating a drop in productivity. Slow rhizome growth and continued concerns about low yields are adding further strength to the market.
★ From an export standpoint, turmeric exports rose by 12.93 percent between April and January 2025, reaching 1.48 lakh tonnes. While January exports declined by over 23 percent compared to December, they were still 12.18 percent higher year-on-year.
★ Turmeric imports surged by 70.13 percent in the same period to 20,043 tonnes, reflecting tight domestic availability and rising prices. However, January 2025 imports dropped sharply compared to both December and January 2024, suggesting reduced foreign supply or lower demand at higher prices.
★ Considering all these factors, turmeric prices are likely to remain strong in the near future.