Turmeric prices concluded with an increase of 0.38%, reaching Rs 15,966, bolstered by constrained arrivals and robust demand for high-quality stocks in key producing areas. Arrivals in major mandis of Maharashtra and Telangana have fallen short of normal levels, even during the peak marketing season, resulting in a significant supply constraint. Concerns regarding quality stemming from moisture-induced rhizome rot in low-lying cultivation zones have markedly diminished the supply of “Double Polished” export-grade turmeric. In prominent trading hubs like Sangli and Nizamabad, farmers and stockists are strategically withholding supplies, expecting prices to exceed Rs 18,000 per quintal. The premium “Salem Fali” varieties persist in attracting robust prices, trading close to Rs 20,000 per quintal in key markets.
Nonetheless, the gains were constrained as the influx of arrivals surged in Nizamabad, Erode, and Hingoli mandis, resulting in transient oversupply situations within the local markets. Farmers increased stock liquidation to enhance liquidity in anticipation of Kharif sowing activities, while late-harvested high-moisture turmeric experienced significant discounting attributed to quality issues. Export logistics continued to face challenges stemming from ongoing tensions in the Middle East, which have contributed to delays in overseas buying interest.
Furthermore, the act of profit-taking by traders and stockists who had acquired shares at lower valuations in March contributed to the selling pressure observed. Fundamentally, the market continues to be underpinned by a reduced carry-forward stock level, estimated at approximately 15 lakh bags, in contrast to over 20 lakh bags from the previous season. The demand for IPM-certified turmeric from European buyers, coupled with active procurement from Bangladesh for finger varieties, has enhanced market sentiment. The Agriculture Ministry has revised its production forecast downward to 1.140 million tons, coupled with apprehensions regarding a potentially below-normal monsoon in 2026, which sustain long-term bullish expectations.
From a technical perspective, the market is experiencing renewed buying activity, evidenced by an 8.56% increase in open interest, which has settled at 18,575, alongside a price increase of Rs 60. Turmeric is currently finding support at Rs 15,840; a decline below this level could see prices testing Rs 15,716. Conversely, resistance is identified at Rs 16,132, with a potential upward movement likely to challenge the Rs 16,300 mark.