Turmeric saw a -1.56% decrease, closing at 15532, due to profit booking following prior advances that were bolstered by dwindling supply on the spot market. Shorter ending stocks and a delayed new crop harvest are predicted to keep feelings upbeat in the short run. On the other hand, when buying activity slows down ahead of stock releases prior to the start of fresh crops, the market faces upside restrictions.
Additionally, pressure is seen as a result of better crop conditions brought on by fortunate weather. Turmeric shipments from April to November 2023 dropped by 1.07% to 1,10,745.38 tones when compared to the same period in 2022, according to export dynamics.
Exports fell by 30.78% in November 2022 and by 15.34% in October 2023 compared to November 2023. A number of factors, such as domestic demand tied to festivals and possible dealer stockpiling, could be to blame for the export slowdown. Comparing Apr-Nov 2023 to the same period in 2022, imports of turmeric fell by 29.50% to 9,384.42 tones.
Imports decreased 12.99% from November 2022 to November 2023 and 48.82% from October 2023 to November 2023. Turmeric prices concluded the day at 13830.55 Rupees in the main trade hub of Nizamabad, showing a decrease of -0.6%. With a 1.66% decrease in open interest and a -246 rupee price reduction, the market is technically under fresh selling. It settled at 13435.
