Reduced production expectations, limited supply, and increased export opportunities drove a 1.92% increase in turmeric prices, which ultimately settled at 13,896. In advance of the new crops scheduled to begin in January 2024, the market saw a slowdown in buying activity as stock releases were anticipated.
The overall crop condition is acceptable, with harvest anticipated between January and March, despite pressure from improving crop conditions brought on by favorable weather. It is anticipated that the market would sustain price stability despite the current levels of purchasing activity and declining supply. Turmeric has become more in demand in both developed and developing countries, which has increased exports by 25%.
Due to changing farmer priorities, there is expected to be a 20–25% decrease in turmeric seeding this year, especially in areas like Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana. Compared to the same period in 2022, the amount of turmeric exported from April to October 2023 increased by 2.63% to 102,162.94 tons.
Turmeric market dynamics are significantly influenced by meteorological conditions, which are determined by the average rainfall recorded by the IMD. At 12,887.6 Rupees, the price in Nizamabad’s main spot market represented a -0.25% fall. With a 0.48% increase in open interest to close at 12,460, the market appears to be seeing new purchasing from a technical perspective. There is a 262 rupee price increase.
