Turmeric may rise to Rs 110 a kg, say analysts

KOCHI: Turmeric prices have turned bullish on reports of a shortfall in production in the key growing areas of Andhra Pradesh and Maharashtra. Spot prices are hovering around Rs 90 per kg with a tendency to move up as indicated by the futures prices in NCDEX. Arrivals in Tamil Nadu, a major producer of the spice which is increasingly sought after for its nutraceutical properties, have been normal. Andhra Pradesh and Tamil Nadu together account for around 70% of the total output in the country.

“Initial reports say the production could be lower by 15%-20% this year because of scanty rains in some producing areas. Prices are likely to climb up to Rs 100 kg by April and may move further to touch even Rs 110 a kg,” said Ritesh Kumar Sahu, analyst at Angel Commodity Broking .