Turmeric Has Dropped Due to Slower Buying Activity

Turmeric saw a -1.51% dip, closing at 14830, as buying activity decreased in advance of stock releases prior to the start of new plantings. A further factor driving up prices was better crop conditions brought on by fortunate weather. Lessening production projections and tighter market stocks, however, limit the downside. There is clear support for increased export prospects.

The crop is doing well, and the harvest should be ready in January or March. Price stability is predicted to be maintained by current levels of purchasing activity and declining supply. Turmeric exports have climbed by 25% as a result of rising demand in both developed and emerging markets.

Farmers’ changing priorities are reflected in the expected 20–25% reduction in turmeric seeding this year, especially in regions like Maharashtra, Tamil Nadu, Andhra Pradesh, and Telangana. When comparing Apr-Nov 2023 to the same period in 2022, the amount of turmeric exported decreased by 1.07% to 1,10,745.38 tons.

About 8,582.44 tons of turmeric were shipped in November 2023, a decrease of 30.78% from November 2022 and 15.34% from October 2023. Compared to the same time in 2022, imports of turmeric fell by 29.50% to 9,384.42 tons between April and November of 2023. The amount of turmeric imported in November 2023 was estimated to be 1,305.24 tons, a reduction of 12.99% from November 2022 and 48.82% from October 2023.

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