This was mainly due to low arrivals of quality stock and strong demand for the festival season, Olam Spices & Vegetable Ingredients observed.
The trend applies to the last fortnight, the company explained in an October 25 market report.
Sowing is complete across all turmeric origins in India and the total area to turmeric is expected to be 20% higher than that of last year.
The crop is now at its vegetative stage across origins and good rains across the Sangli and Marathwada region seems to have been beneficial. Heavy rains over the last two weeks across Telungana and Andhra Pradesh has not had much impact on the standing crop. However, deficit monsoons across growing tracts of Chamrajnagar (Karnataka) and Erode (Tamil Nadu) means that farmers are facing issues of water availability.
Olam’s medium term view
The company feels that overall better sowing conditions will keep the long term undertone bearish, but near term domestic demand is likely to support current price levels.
Factors to be watched
These include the weather conditions up to November and domestic and export demand and electronic platform activities.
Olam Spices indicated Salem, Erode and Gundelpet turmeric at INR86-90 (USD1.28-1.34) per kilo delivered Cochin; Sangli, Desi and Kadappa at INR81-85/kg; and Nizamabad medium turmeric fingers at INR82-85/kg.