Prices for turmeric fell as a result of better production prospects

Prices for turmeric fell by -0.83% to settle at 13,906, primarily as a result of a more favourable production outlook. In expectation of higher supplies in the upcoming months, market participants decreased their positions.

Although turmeric’s export prospects have greatly improved, with a 25% increase in exports fueled by demand from both developed and emerging countries, the losses are anticipated to be minimal. Farmers’ attention has changed, and this year’s turmeric production is predicted to decline by 20–25%, especially in states like Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana.

Exports of turmeric increased by 15.05% during April to July 2023 compared to the same period in 2022. The exports of turmeric fell by 24.60% from June 2023 to July 2023, although they increased by 8.05% from July 2022 to 2023.

The southwest monsoon will end in the upcoming weeks, according to the Indian Meteorological Department (IMD). Prices finished at 13,770.7 Rupees, a gain of 3.33%, at the Nizamabad spot market, an important center for trading turmeric.

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