Turmeric Prices Supported Due to Below-Normal Supply

Turmeric prices rose by 0.05% yesterday, finishing at 16544, owing to below-normal supply and strong festive demand, which kept the market positive. Lower production has resulted in much lower arrival rates than the previous year, indicating that supply is currently limited.

This scarcity is projected to motivate stockists to take advantage of any price drops, sustaining prices. Production predictions show a dramatic 14% reduction yearly, owing to lower cultivated area and declining yields.

This drop in production adds to supply restrictions and confirms the market’s optimistic sentiment. On the export front, turmeric shipments from April to January 2024 fell by 3.52% compared to the previous year, with January 2024 exports up slightly from December 2023 but down significantly from January 2023.

Turmeric imports declined by 22.34% between April and January 2024 compared to the same period in 2023, with January 2024 imports decreasing from December 2023 but increasing from January 2023. Turmeric prices in Nizamabad, a significant spot market, closed marginally higher, confirming the market’s general upbeat outlook.

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