Reduced Supplies In The Spot Market Supported Rising Prices For Turmeric

As a result of lower supply on the spot market, the price of turmeric increased by 4.03% to settle at 18,086, up. But buying activity has halted ahead of the start of fresh crops, maybe due to stock releases, suggesting that the gain is restricted. In the short run, more optimistic market emotions for turmeric are anticipated due to the postponed harvesting of the fresh crop and reduced ending stocks.

Concerns are raised by predictions of a 20–25% drop in turmeric seeding this year, especially in regions like Maharashtra, Tamil Nadu, Andhra Pradesh, and Telangana, as farmers refocus their efforts despite improved crop conditions brought on by favorable weather.

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. Even yet, December 2023 saw an increase of 21.47% over November 2023 and a decrease of 13.41% over December 2022. The price finished at 15,414.35 Rupees in the Nizamabad spot market, down -0.68%.

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