India starts turmeric harvest

Harvesting of Turmeric has already Started in Major Growing Areas in India, particularly in Telanagana, Andhra Pradesh and Maharashtra, but in a Slow phase in Tamil Nadu, Olam Spices & Vegetable Ingredients explained in its Latest Spices Market Report.

The slow start in Tamil Nadu raises concerns over the availability of high CC turmeric, Olam Spices noted.

The report explained that arrivals have improved after the Pongal and Maharsankranthi festival. Current arrivals are with high moisture of more than 16% and with quality issues in Nizamabad.

Olam Spices predicted that trade will be in full swing from mid-February onwards across markets.

“Demonetisation related cash tightness can affect the long term stocking up interest to some extent, but is not currently affecting the trading activities directly,” the company added.

Olam Spices found that prices remained steady to slightly low, easing by 3-5% over the last few days ahead of the report on January 21, mainly due to subdued domestic demand on low quality arrivals as well as low quality carry-forward stock liquidation pressure.

The company expects prices to be range bound for the near term until the end of this month. Overall better crop conditions – with the exception of Tamil Nadu – are expected to support this trend.

Long term price levels are steady to slightly bearish, with an expected maximum movement of 5-10% from the current levels during peak arrivals in March to April.

The company quoted turmeric from Salem, Erode and Gundelpet at INR88-92 (USD1.29-1.34) per kilo Cochin delivery, that from Sangli, Desi and Kadappa at INR83-85/kg and Nizamabad medium fingers turmeric at INR82-85/kg.

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