Turmeric prices fell by 2.18% to $14430, primarily due to a decrease in buying activity as a result of stock releases before to the start of fresh crops in January 2024. Improved agricultural conditions brought on by fortunate weather also put pressure on the market. According to reports, crop conditions are good, and harvest is anticipated in January or March.
Prices should remain stable as long as purchasing activity stays at current levels and supply decline. The possibility of yield losses due to poor weather conditions, however, limits the negative. Improved export prospects have supported prices, as seen by the 2.63% increase in turmeric exports from April to October 2023 over the same period in 2022.
Turmeric exports rose 11.58% in October 2023 over September 2023, but fell 9.30% from October 2022 to October 2023. Farmers’ priorities are changing in part because of the anticipated 20–25% drop in turmeric seeding this year, especially in Maharashtra, Tamil Nadu, With a 1.05% decline in open interest and a settlement price of 11835, the market technically experienced a lengthy liquidation.
With a possible challenge of 14136 on the downside, support for turmeric is presently found around 14284. 14706 is probably resistance, and probing 14980 might result from a break above., Andhra Pradesh, and Telangana. The final price of turmeric in Nizamabad, a significant spot market, was 13412.9 Rupees, up 0.26%.
