Turmeric prices were at Rs 7540 per quintal at 12 am on Wednesday at the National Commodity and Derivatives Exchange (NCDEX). Whereas in May futures this price was Rs 8435 per quintal. Not only this, during the last three months, the price of turmeric has increased up to two thousand rupees per quintal. In November 2020, turmeric was priced at Rs 5770 per quintal.
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Use of turmeric as immunity booster increased, farmers demand MSP
Experts say that despite the arrival of new crop, the fast is not going to stop. The area under turmeric has decreased in the major producing state of Telangana. According to the Telangana government, turmeric was sown in 0.55 lakh hectare in 2019-20, while in 2020-21, turmeric was sown in 0.41 lakh hectare. In the last three to four years, due to lack of good price of turmeric, many farmers have shifted to soybean and cotton. These farmers are demanding Rs 10 thousand per quintal MSP for turmeric. Apart from this, the demand for turmeric has increased since the start of business activities. In 2020, there was a decrease in demand due to the lockdown, but the demand has increased rapidly after the market opened. Now the use of turmeric as an immunity booster has increased.
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Price can reach Rs 10,000 per quintal in two months
Rajesh Daliya, president of Nizamabad Merchants Association in Telangana, said that due to lack of good prices for the last several years, farmers shifted to other crops and the area has decreased. While Ajay Kedia, MD of Kedia Advisory, said that if the demand remains like this, by mid-April the price of turmeric can reach Rs 9,500 to 10,000 per quintal.
Turmeric prices have increased suddenly after four years
Year – Price Rs. Per quintal
2021 – 7540
2020 – 6000
2019 – 6238
2018 – 6628
2017 – 6876