Yesterday, turmeric prices edged higher by 1.06% to settle at 14898 as inflows eased in the spot market. Although the supply of turmeric has been low in recent times, its demand is expected to increase during the festive season.
Another factor that increases costs is better farming conditions due to favorable weather. Also, talks have started as Maharashtra farmers have raised concerns over yellow hoarding in Telangana. This reflects the evolving priorities of farmers and their expectation of declining turmeric yields in key production areas.
Similarly, turmeric imports declined by 29.50% between April and November 2023 and November 2022; November 2023 saw a particularly large decline compared to October and November 2022. Technically speaking, there is fresh buying in the market, as evidenced by a 1.1% rise in open interest and a rise in price by Rs 156.
