Yellow rose is expected to settle at 0.21% at 13,296, down 10-15% on concerns over lower yield forecasts. However, after the pace of harvesting in the main producing areas increased, the real impact on supply was more evident. Despite the lower yield expectations, weak demand and increased arrivals prevented price gains. With increased arrivals in Nizamabad and Hingoli, spot market arrivals rose to 13,190 bags, almost double the previous session’s 6,780 bags. So prices are likely to remain under pressure as supply fails to keep pace with demand.
From April to November 2024, turmeric exports increased by 9.80% to 121,601.21 tonnes, compared to 110,745.34 tonnes in the same period in 2023. Despite a 20.18% decrease from October levels, November exports were 48.22% higher than the previous year. Meanwhile, imports doubled to 18,937.95 tonnes in November, down 34.84% from October, as domestic demand turned bearish. Technically, open interest increased by 0.12% to 12,175 contracts, indicating that the market is still in a buying mood. Support is at 13,196, resistance is at 13,360; a rise above that would see prices move towards 13,422.
