Turmeric Market update

Steady to weak sentiment was witnessed in the Turmeric major markets during week 13. Turmeric supply fell by 53% on week 13, as stockists were holding back their stocks with the expectations of higher prices in the coming days. Turmeric's new crop supply continues at around 15,000 to 16,000 bags (1 bag = 70 Kgs) on an average daily basis with a moisture content of 15% to 18%. Buyers may be inactive for new crop supply due to higher moisture content, prices may correct from higher levels. However, local traders expect buyers in the long term are likely to be active in the coming week with a reduction in moisture level in the coming days. If farmers start selling more aggressively as current prices are higher than last year, the prices may temporarily decline below the forecast range.