Reduced Supply in the Spot Market Supports Turmeric Gains

Due mostly to lower supply on the spot market, turmeric had a 1.26% increase, closing at 15382. The advantage is, however, limited because purchasing activity has slowed down in anticipation of stock releases before to the start of fresh crop production. In the near future, it is anticipated that the tighter ending stockpiles and delayed harvesting of the fresh crop would sustain optimistic feelings in the turmeric market.

Despite a downturn in recent months, export activity is expected to rise up in the aftermath of future festivals. Price pressure is observed as a result of better agricultural conditions brought on by favorable weather. particularly in light of the estimate of a 20–25% reduction in turmeric seeding this year across several regions.

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. Nonetheless, exports increased by 21.47% in December 2023 compared to November 2023. There was a 25.43% decline in imports from April to December 2023, suggesting a decline in the market for imported turmeric. Major spot market Nizamabad saw a price rise of 2.43%, ending at 14220.25 Rupees.

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