Lower Spot Market Supply Provided Support For Rising Turmeric Prices

Reduced supply in the spot market helped turmeric post a notable gain, as it closed up 3.11% at 17482. The gain, however, is expected to be constrained because buying activity has slowed and there is anticipation that supplies will be released before new plantings begin.

Short-term market sentiment for turmeric is anticipated to remain strong due to the postponed harvesting of the fresh crop and reduced ending stocks. After slowing down recently, export activity is predicted to rise in the wake of impending festivals.

The cautious prognosis is influenced by predictions that turmeric seeding would drop by 20–25 percent this year in some important growing zones. From April to December 2023, the amount of turmeric exported was 121,171.01 tonnes, a decrease of 2.27% from 123,984.35 tonnes during the same period in 2022.

Significantly, December 2023 saw a decrease of 13.41% from December 2022 but an increase of 21.47% from November 2023. The price closed at 15585.35 Rupees, indicating a gain of 2.77%, in the main trading hub of Nizamabad.

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