Lower Supply in the Spot Market Supported Rising Prices for Turmeric

Reduced supply in the spot market helped drive up the price of turmeric, which increased by 1.82% to settle at 17386, The buying activity slowed down, though, and there was anticipation that inventories would be released before the start of fresh crops, which curtailed the upside.

In the short run, though, positive market sentiment is anticipated due to the fresh crop’s delayed harvesting and tighter ending stockpiles. In light of the approaching festivals, export activity has slowed down recently but is expected to resume again.

Turmeric sowing is predicted to drop by 20–25% this year, especially in regions like Maharashtra, Tamil Nadu, Andhra Pradesh, and Telangana. This is due to farmers’ evolving priorities. Future supply dynamics and market stability may be impacted by this drop in planting. When comparing April through December of 2023 to the same period in 2022, the export of turmeric decreased by 2.27%.

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