Turmeric prices experienced a decline of 0.66%, concluding at Rs 21,018. This drop can be attributed to enhanced monsoon rainfall in significant producing areas, which alleviated worries regarding the forthcoming crop and prompted profit-taking activities. Good rainfall over the past week is anticipated to expedite Kharif sowing, with elevated prices expected to incentivise farmers to increase acreage. Nevertheless, market participants continue to exercise caution, as the advancement of sowing will significantly hinge on the allocation of rainfall in the forthcoming weeks, particularly in light of apprehensions regarding a potential El Niño effect.

Despite the recent correction, the downside has remained constrained due to reduced arrivals, limited spot availability, and consistent export demand. Fundamentally, arrivals were estimated at approximately 8,500 bags, a notable decrease from 18,000 bags in the prior session, primarily attributed to the closure of key markets in Maharashtra. Overall supplies continue to exhibit structural tightness due to diminished production and a decrease in carry-forward stocks, which are estimated at approximately 15 lakh bags, in contrast to over 20 lakh bags in the previous season.

However, heightened selling activity by farmers during the peak harvest season, accelerated arrivals in key mandis, and quality concerns such as rhizome rot have exerted short-term pressure on prices. Export demand continued to show resilience, as India’s turmeric exports experienced a modest decline of 1% year-on-year, totalling 18,960 tonnes in May 2026. Meanwhile, cumulative exports for the period of April-May held steady at 33,999 tonnes. Robust expansion in exports to China, Oman, Yemen, and Italy effectively counterbalanced the decline in shipments to alternative markets.

In the Nizamabad spot market, turmeric prices experienced a decrease of 1.1%, settling at Rs 20,150.35. Turmeric is currently experiencing new selling activity, as evidenced by a 0.37% increase in open interest, which suggests the establishment of new short positions. Immediate support is positioned at Rs 20,768, with subsequent support at Rs 20,518, while resistance is identified at Rs 21,284. A sustained move above this level could extend gains towards Rs 21,550.