Price of turmeric in local markets continues to rule firm after bouncing from recent lows. Local demand is brisk though Export is lackluster. However a sharp rise in US Dollar exchange rate has now made Export prices of Turmeric attractive for building inventory. The standing crop of Turmeric suffered some early unseasonal rain in parts of India which will reduce harvest and affect quality of premium grades making them expensive. The monsoon onset that is so essential for Turmeric, has been delayed and fear of EL NI?O reducing rainfall this year is playing on minds of stockiest who are now active in local markets.
We advise immediate coverage as there is little risk of prices falling hereafter.