India: Turmeric prices rise in Aug, but stocks cap upside

• Sangli prices gain 10.7% MoM as arrivals fall
• Stocks rise 35.4%, limiting aggressive buying

India’s turmeric market remained firm on a monthly-average basis in Aug, although momentum weakened after an early-month rally. BigMint-assessed Sangli spot prices averaged INR 22,871/quintal, up 10.7% MoM from INR 20,658/quintal in Jul, while Nizamabad averaged INR 20,232/quintal, 7.1% higher. Sangli prices peaked at INR 23,684/quintal on 7 Aug before easing to INR 21,949/quintal by 28 Aug as profit booking and buyer resistance emerged.

Lower arrivals support physical market

Average weekly arrivals fell 38.8% MoM to around 6,352 tonnes in Aug from 10,372 tonnes in Jul. The decline provided underlying support to spot prices and limited downside despite cautious buying. Premium-quality turmeric continued to attract comparatively better demand, while buyers remained selective at higher price levels.

However, the supply picture was not entirely tight. Combined stocks at Erode-Salem, Nizamabad, Sangli and Basmat rose 35.4% to 19,962 tonnes by 28 Aug from 14,744 tonnes at end-Jul. Basmat recorded the sharpest increase, with stocks rising 64.8% to 8,165 tonnes.

Exports supportive, crop outlook remains key

India’s turmeric exports increased 8% y-o-y to 51,987 tonnes during Apr-Jun 2026, providing demand-side support. Nevertheless, higher expected acreage, carry-forward stocks and improved 2025-26 production of around 1.21 million tonnes remain constraints on sustained price gains.

Weather remains an additional variable, with Aug rainfall around 16% below normal and below-normal rainfall expected in Sep. Market participants will therefore closely monitor crop development in major producing regions.

Overall, turmeric sentiment is cautiously firm. Lower arrivals and export demand are supportive, but rising stocks and expectations of greater new-crop availability are likely to limit aggressive buying. Near-term price direction will depend on stock liquidation, export enquiries, domestic festive demand and Sep weather conditions.