Due to weaker buying activity as traders await the release of supplies ahead of the start of fresh crops in January 2024, turmeric prices closed lower by -0.77% at 14644. Better crop conditions brought on by excellent weather conditions are another factor driving pressure on the market.
Despite reports of acceptable crop conditions, production losses due to adverse weather could maintain prices to some extent. Price stability is predicted to be maintained by the existing levels of purchasing activity and declining supply.
Support for increasing export potential is also evident, given that exports have increased by 25% in response to rising demand in both developed and emerging countries. Turmeric seeding is predicted to drop by 20–25% this year, particularly in regions like Telangana, Andhra Pradesh, Tamil Nadu, and Maharashtra. This is due to farmers’ ever-changing priorities.
Nonetheless, shipments decreased by 35.06% annually and 19.75% monthly in September 2023, pointing to an erratic export pattern. With a -0.28% decrease, prices closed at 13266.25 Rupees in Nizamabad’s main spot market.
