The turmeric market had a minor decrease, ending at 15434, down -0.89%. This was primarily due to a decrease in buying activity as people awaited stock releases before the start of fresh crops. Even yet, the downside was constrained by fewer supplies in the spot market, which were reinforced by postponed new crop harvesting and tighter ending stocks.
In the foreseeable future, it is anticipated that these factors will keep the market attitude optimistic. Turmeric exports have fluctuated, declining by 2.27% between April and December of 2023 in comparison to the same period in 2022. Though it was still less than December 2022 data, there was a noticeable increase in December 2023 over November 2023.
On the other hand, imports of turmeric fell by 25.43% between April and December of 2023 in contrast to the same period in the previous year, notwithstanding a minor gain in December 2023 over November 2023.
The market is going through a long liquidation, according to technical analysis, as seen by a -0.25% decline in open interest. 15254 and 15076 are probable downside targets, respectively, despite the price decrease. On the other hand, a breach over resistance at 15682 is anticipated to drive prices towards 15932.
