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Turmeric prices zoom on crop loss fear

According to the RKV Ravishankar, President, Erode Turmeric Merchants Association, on good domestic and export demand, turmeric prices have gained about Rs 2,000 a quintal since. Crop loss fears due to the heavy rains also added the fuel on rising prices of new crop due next month. In recent past, the modal price or rate at which most trades take place for finger turmeric was Rs 7,754 a quintal in Tamil Nadu’s Erode market against Rs 6,607 on November 9, when the markets opened after Diwali. In Nanded, Maharashtra, the spice modal price was Rs 8,000 and in Nizamabad, Telangana, it was Rs 7,885. As per him, turmeric prices initially gained on rumours that the crop has been affected due to heavy rains in growing areas. To note that the market sentiment is buoyant mainly since the ending stocks are expected to be 17-18 lakh bags (50 kg each) this year against 25 lakh bags last year. There has been good demand in the domestic and export market. This year, the crop was also lower compared with last year and the quality of the produce was also not good, resulting in prices gaining. Spices Board data showed turmeric production this year being projected at 11.01 lakh tonnes against 11.78 lakh tonnes last year, mainly on the output being affected in Telangana, Karnataka, Tamil Nadu, Assam and Haryana.