Turmeric prices fell sharply, by -3.76%, to settle at 16112, mostly due to anticipation of fresh entrants from Maharashtra’s Marathwada region. The downside was constrained despite this negative pressure because of below-average supply and strong festive demand.
Important marketplaces like Nanded, Nizamabad, and Erode saw a sharp increase in new crop supplies, with arrivals much higher than the previous week. In 2023–24, the Ministry of Agriculture and Farmers’ Welfare released its first advance estimate, which showed a reduction in turmeric production from 11.30 lakh tonnes to 10.74 lakh tonnes.
The dynamics of the market were influenced by this fall in production as well as the destruction of demand brought on by rising prices. The amount of turmeric exported from April to January in 2024 was 131,662.92 tonnes, a 3.52% decrease from the same period in 2023. In a similar vein, imports fell by 22.34% to 11,781.05 tonnes during that time.
On the other hand, exports of turmeric fell by 15.96% in January 2024 compared to December 2023 but grew somewhat by 0.63% in December 2023. On the other hand, imports of turmeric increased by 27.88% in January 2024 over January 2023. Turmeric prices fell by -3.88% in Nizamabad’s main spot market, closing at 15932.95 Rupees, mirroring the market’s overall negative trend.
