Turmeric prices experienced a notable increase of 3.21%, concluding at Rs 17,122. This rise can be attributed largely to short covering following recent downturns, which were influenced by substantial arrivals during the peak harvesting period. Earlier weakness was attributed to heightened selling activity from farmers aiming to liquidate stocks, as accelerated arrivals in major mandis surpassed the immediate buying demand. Substantial inventories, estimated at approximately 1.13 lakh bags in Warangal, have contributed to a cautious stance among buyers. Furthermore, reports of rhizome rot and quality deterioration in certain shipments compelled sellers to concede to lower prices.

However, the recent recovery indicated a resurgence in buying interest as market participants reevaluated supply conditions. Fundamentally, the outlook remains balanced. The progression of the southwest monsoon throughout southern India has enhanced the outlook for the forthcoming sowing season, with anticipated above-normal rainfall likely to facilitate an increase in acreage during 2026-27. Early indications suggest increased cultivation in major producing states following the elevated prices of the previous season. Carry-forward stocks are estimated at approximately 15 lakh bags, a notable decrease from last season’s 20 lakh bags.

However, the rate of stock depletion has decelerated as certain buyers opt for more affordable alternatives or postpone their purchases in anticipation of additional price adjustments. Export performance remained stable, with India’s turmeric exports rising by 0.6% year-on-year in April 2026. Robust demand from China, Saudi Arabia, Turkey, Brazil, and Japan counterbalanced the decline in shipments to the UAE and the United States. Bangladesh sustained its position as the largest importer, with increasing demand for IPM-certified turmeric from the European Union and proactive procurement by Bangladesh for finger-grade turmeric bolstering market sentiment.

Turmeric is currently experiencing an uptick in buying activity, as evidenced by a 1.86% rise in open interest, which suggests the entry of new long positions into the market. Immediate support is positioned at Rs 16,782, succeeded by Rs 16,442. On the upside, resistance is observed at Rs 17,326, and a sustained breakout above this level could potentially extend the rally towards Rs 17,530.