Due mainly to predictions of additional arrivals from the Marathwada region of Maharashtra, turmeric prices saw a modest fall yesterday, finishing at 19030 with a –0.27 % decrease. But low-than-average supply and strong holiday demand kept the negative to a minimum.
Reports suggest that supply levels are below average despite the inflow of new entrants, which supports pricing. Major marketplaces including Nanded, Nizamabad, and Erode reported receiving fresh crop deliveries, with quantities noted to be greater than those of the prior week.
The production of turmeric is predicted to be lower in 2023–24 than it was in 2022–21, which adds to the overall supply shortage. Demand destruction has also been noted in response to price increases, with many customers switching to a hand-to-mouth strategy.
Between April and February of 2024, there was a 4.42% fall in turmeric exports as compared to the same time the previous year, and a 15.36% decrease in imports. In contrast to January 2024 and February 2023, there was a noticeable rise in both exports and imports in February 2024, showing the shifting dynamics of global commerce.
