Current Scenario
For turmeric, the market remained bearish in the mandis last week. There were more holidays due to festivals which affected the turmeric mandis, and also the market saw a downward trend. In the previous week, the buying was weak, and the selling pressure was higher.
Turmeric has seen a lot of ups and downs in NCDEX since yesterday. As the prices are high, there is less demand. Therefore, the spot demand for turmeric is weak.
Arrivals
In Nizamabad, around 200 bags of new crop turmeric have started coming. It is also estimated that after 15 days, the arrival of new goods will start increasing gradually. The goods are experiencing moisture now.
Total arrivals of the week are 759,63 tonnes, and the maximum was from Telangana 279,90 tonnes.
Prediction
According to the experts, the market is currently moving in a limited range for turmeric. The market can be seen going downwards only after crossing the $1,47 level while falling below $1,32 can increase the downfall. Nizamabad spot market may go up in the coming days.
Market Sentiment
The steady sentiment was witnessed in the Turmeric Delhi spot market on Monday.
Experts expect buyers to remain active at lower price levels as ending stocks are expected lower in 2022 than in 2021. The 2022 marketing year estimates 643,54 MT ending stocks, which will be lower than 831,24 MT from 2021.
Prices
- Turmeric Finger (Salem, Double Polished) (No.1) stands at $1,26/- KG
- Turmeric Finger (Nizamabad, Double Polished) (Dubai Quality) stands at $1,15/- KG