Turmeric prices concluded the trading session at Rs 20,234, reflecting a decline of 0.6% as traders took the opportunity to realise profits after a recent uptrend. Nonetheless, the overall market remained buoyed by constrained supplies and apprehensions regarding the current Kharif crop. Prices had strengthened earlier due to insufficient rainfall, decreasing carry-forward stocks, and concerns that El Niño could negatively impact the newly sown crop. Market participants observed a significant decline in carry-forward stocks over the past three to four years.

Concurrently, prolonged dry conditions during the early crop development stage may lead to reduced yields, thereby maintaining tight supplies. However, improved monsoon rainfall across major producing regions over the past week has alleviated immediate concerns, leading to a more subdued market tone. Fundamental factors exhibited a mixed outlook, with turmeric acreage projected to rise by 16.05% year-on-year in 2026, significantly surpassing the five-year average of 1.88 lakh hectares. Favourable rainfall is anticipated to expedite sowing activities, while appealing prices close to multi-year highs are motivating farmers to increase cultivation in the ongoing season.

Despite expectations of increased acreage, overall supplies continue to exhibit structural tightness, attributed 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 from the previous season. Export demand continued to provide support. India’s turmeric exports experienced a slight year-on-year decline of 1%, totalling 18,960 tonnes in May 2026. Meanwhile, cumulative exports for the months of April and May remained relatively stable at 33,999 tonnes. Robust shipments to China, Oman, Yemen, and Italy compensated for diminished demand from other regions, indicating sustained strong overseas purchasing activity.

In the Nizamabad spot market, turmeric prices experienced a decline of 0.31%, settling at Rs 19,926.45. Technically, the market is experiencing new selling pressure, as open interest has increased by 0.31% to 29,325 contracts, accompanied by a price decline of Rs 122. Turmeric exhibits immediate support at Rs 20,022, with subsequent support at Rs 19,810, while resistance is established at Rs 20,532. A sustained move above this level could extend gains towards Rs 20,830.