Reduced supplies in the spot market support turmeric gains

The spot market’s diminished supply of turmeric helped drive up prices by 2.94%, settling at 17162. As purchasing activity decreased in advance of stock releases before the new crops, the market saw no increase in value. Positive mood in the market is expected to be sustained in the near term by delayed new crop harvesting and tighter ending stocks.

An upsurge is anticipated in the aftermath of forthcoming events, despite recent shipments being slower. Due to better crop conditions brought about by fortunate weather, pricing pressure is still there. Turmeric sowing is predicted to drop by 20–25 percent, which reflects farmers’ changing priorities.

Exports of turmeric fell by 2.27% to 121,171.01 tonnes between April and December of 2023 compared to the same period in 2022. Exports in December 2023 increased by 21.47% from November 2023 but decreased by 13.41% from December 2022.

Compared to the same time in 2022, imports of turmeric fell by 25.43% to 10,655.73 tonnes in April–December of 2023. December 2023 saw a notable increase of 29.91% over December 2022, despite a decrease of 2.60% from November 2023. Prices in Nizamabad’s main spot market closed at 14829.8 Rupees, indicating a gain of 1.42%.

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