Prices for turmeric rose 5.99%, to $15,598. This increase was fueled by tightened supply, better export chances, and declining production expectations. Slower purchasing activity in advance of stock releases prior to the new crops scheduled to begin in January 2024 also provided assistance to the market.
However, pressure from better crop conditions brought on by fortunate weather has curtailed the upside potential. Turmeric’s demand has surged in both developed and emerging countries, resulting in a 25% rise in exports.
But predictions of a 20–25% drop in turmeric seeding this year suggest farmers’ priorities are changing, especially in Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana. November 2023 exports decreased by 30.78% from November 2022 and by 15.34% from October 2023.
Imports decreased by 12.99% in November 2023 compared to November 2022 and by 48.82% in October 2023. With a 1.68% increase in open interest and an 882 rupee price increase, the market appears to be seeing fresh purchasing from a technical standpoint.
