Market Watch | Turmeric | 21 Aug 2026

Turmeric Price Update

• Sangli (Bulb): Rs.16,500/qtl (DoD: No change; MoM: ↓ Rs.1000)
• Hingoli (Bulb): Rs.16,500/qtl (DoD: ↑ Rs.300; MoM: ↑ Rs.200)
• Erode (Bulb): Rs.16,400/qtl (DoD: ↑ Rs.200; MoM: ↓ Rs.600)
• Nizamabad (Bulb): Rs.16,000/qtl (DoD: ↑ Rs.200; MoM: ↓ Rs. 200)
• Turmeric prices corrected after the recent price rally, with higher price levels encouraging profit booking and improved market arrivals.
• However, prices strengthened on a DoD basis across key markets, signalling renewed support at lower price levels.
• Low available stocks and limited selling pressure are restricting further downside, while the new crop remains 6-7 months away, keeping the near-term supply outlook tight.

NCDEX Spot Price Update

• Following the recent price correction, NCDEX spot turmeric prices are showing renewed firming across key markets.
• While Sangli saw a marginal daily dip (-0.3% D-O-D to Rs. 23,283), Nizamabad gained strength (+1.45% D-O-D to Rs.20,384), keeping broader weekly and monthly performance solidly positive.
• The quick price recovery signals that the recent market correction was short-lived, with underlying prices firming up again due to low available stock levels.

NCDEX Turmeric Futures

• NCDEX turmeric Oct futures closed with gains of Rs.416 at Rs.22,100/qtl, while December futures rose by Rs.258 to Rs.22,056/qtl.
• The rally was supported by tight carry-forward stocks, declining arrivals and weather concerns.
• However, any upside may remain capped amid expectation of higher acreage this year.

Turmeric Sowing & Production

• 2026-27 sowing is completed across major regions, with current acreage estimated at ~2.72 lakh ha, down ~13% YoY (final estimates awaited).
• June rainfall deficit delayed sowing, while uneven rainfall led to uneven germination across ~20% of the area.
• Rainfall improved in July–early August, but crop establishment remains a concern.
• Lower acreage and uneven crop establishment pose a risk of lower 2026-27 production.
• Rainfall during August–September will remain crucial for yield and final crop size.

Dry Turmeric Export Volume (Source: Spice Board of India)

• FY 2025-26: 175896 MT (↓0.24%)
• FY 2024-25: 176325 MT

Turmeric Exports Trend

• Jan–Jun 2026: 118,000 MT (↓ 1.96%)
• Jan–Jun 2025: 120,361 MT
• Higher domestic turmeric prices have reduced India's export competitiveness, making exporters cautious and limiting buying interest from overseas markets.
• Despite this, exports showed signs of recovery in June, rising ~22% YoY, supported by improved overseas demand as buyers stepped up purchases ahead of the upcoming demand season.
• At current price levels, export demand is unlikely to provide strong upside support unless international buyers accept higher prices or domestic prices correct enough to improve India's competitiveness.

Note: DGCI&S Trade Stat (HSN 091030) turmeric monthly exports are presented on a calendar-year basis (Jan–Dec) to illustrate seasonal trade patterns. Aggregate exports under HSN 091030 are consistent with Spices Board India export statistics when aligned to the corresponding financial year (Apr–Mar).

Market Outlook

• Near-Term: With demand remaining cautious at elevated price levels, the market is likely to remain range-bound in the near term, with downside pressure limited by tight supply availability.
• Medium-Term: (Neutral to Mildly Bullish: Low stocks at producing centres and the new crop being a few months away could support prices once selling pressure eases. A decline in arrivals or recovery in demand may trigger fresh buying.