Reduced Supply in the Spot Market Supports Turmeric Gains

Due to a decrease in supplies on the spot market, turmeric prices increased a little on Tuesday, ending at 15302. But sluggish buying as traders wait for stocks to be released before new harvests begin to grow hampered the upside. Notwithstanding this, it is anticipated that tighter ending stocks and postponed new crop harvesting will maintain optimistic market attitudes shortly.

Turmeric exports have fluctuated, falling 2.27 percent between April and December of 2023 over the same time in 2022. Though down from December 2022 data, exports increased in December 2023 compared to November 2023. Regarding imports, there was a large decline of 25.43% from April to December 2023 in comparison to the prior year; December 2023 showed a minor fall from November 2023 but a noteworthy increase from December 2022.

Although delayed harvesting and worries over reduced planting in important producing areas like Maharashtra, Tamil Nadu, Andhra Pradesh, and Telangana have lifted market sentiment, the market is still under pressure due to improving crop conditions brought on by favorable weather.

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