The week started with a bearish sentiment for turmeric because of the lesser demand for spice. The decrease in demand was due to the higher prices it has reached in the last season. However, on Thursday, the market recovered for turmeric varieties.
Market Overview
- The arrival of new crops was reported to be in small quantity in the spot markets.
- The trend is weak for the commodity, which has moved below the crucial level of 10,185. Unless it remains stable at this price, the bullish trend cannot be expected from the spice.
- Stockists are now trying to sell off their older products at this rate.
- Only once the new crop arrives in the market in full swing will the actual turmeric price trend be known.
- In Nizamabad on January 27, new crops were being sold in small quantities, about 500 to 1000 bags.
- The moisture content in the crop was reported to be between 18 and 22 percent. The higher moisture content has led to buyers becoming inactive for the new crop.
Arrivals
On January 24, Nizamabad reported having received 3,000 bags.
Predictions
- The buying activity will increase with the moisture content going down in the new crops in the coming days.
- The stock of 2022 is less, which is likely to make buyers active too in the coming days. According to experts, the current carryover stock for 2022 is 48 thousand MT compared to last 2021’s 62 thousand MT.
- The crop damage caused due to the heavy rain, which is about 8 to 10 percent in Maharashtra and parts of Telangana and Andhra Pradesh, is likely to help the commodity’s price in the coming days.
Prices
On January 24, the prices were down by $2.66 per 0.1 MT across all the spot markets apart from Nizamabad and Erode.
Turmeric Finger (Salem, Double Polished No.1)
| Date | Price |
| January 27 | $1,270 per kg FOB |
| January 13 | $1,250 per kg FOB |
| January 12 | $1,260 per kg FOB |
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