Prices of Turmeric Increased Despite Low Supply

The previous session saw a notable spike in turmeric prices of 3.74%, culminating at 19370, due to below-average supplies and strong festive demand. Decreased output has had a noticeable effect, as evidenced by slower arrival rates than the year before.

Given that there are already 9050 tonnes of turmeric arriving in key APMC markets in March 2024, compared to 18373 tonnes in the same period last year, stockists are expected to be encouraged to buy turmeric at every price decline due to the tight supply.

With expected production numbers ranging between 9.2-9.5 lakh tonnes, it is anticipated that production will drop by approximately 14% per year due to decreased area under turmeric cultivation and diminishing yields. But compared to the same time in 2022, the amount of turmeric exported between April and December 2023 was 121,171.01 tonnes, a modest decrease of 2.27%.

In contrast to November 2023, December 2023 exports were significantly higher than December 2022, but overall they were down. Turmeric ended the day at 16923.45 Rupees, up 2.35% in Nizamabad, a significant spot market.

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