New Delhi, May 20 (Commodities Control): Turmeric prices in major spot markets have been largely weak, continuing to show downward trend due to low demand. Prices have been unable to sustain higher levels, pressured by reduced purchasing from exporters and end users.
Local sources report that the market is experiencing a downturn as exporters and end users are not actively buying turmeric at current prices. Additionally, local traders suggest that sellers are hesitant to release their produce, anticipating potential future price increases. This reluctance to sell is coupled with a lack of active purchasing from new stockists.
In terms of market arrivals, 17,800 bags of turmeric were reported, marking a slight increase from the previous session. Basmatnagar, in particular, saw a significant rise in arrivals. However, overall arrivals remain lower compared to the previous week due to limited availability. Market sources estimate that current arrivals are 30-40% lower than those seen in previous seasons.
Adding to the market dynamics, NCDEX turmeric futures trading was closed today due to elections, potentially contributing to the subdued activity in the spot markets.
Overall, the turmeric market continues to face downward pressure from weak demand and a cautious approach by sellers. While arrivals have seen a minor uptick, they remain significantly lower compared to historical averages, reflecting limited supply in the market. The closure of NCDEX futures trading due to elections further underscores the current period of market inactivity.
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