In anticipation of an increase in local supplies, the price of turmeric yesterday decreased by -0.55% to 7978 as profit was booked. Additionally, traders are displaying less interest at current price levels and refraining from bulk purchases in anticipation of a decrease in pricing. Given that farmers in Maharashtra and Telangana are receiving a fair price for their produce, supplies are likely to rise. Prices are only expected to drop a small amount given the poor production outlook and delayed monsoon forecasts.
According to the India Meteorological Department, the monsoon is likely to arrive three days later than expected. When compared to the same period in the previous year, turmeric exports from April to March 2023 increased by 11.34 percent to 170,085.36 tonnes. Turmeric exports increased by 27.04% from 14,806.30 tonnes in February 2023 to roughly 18,810.47 tonnes in March 2023. Around 18,810.47 tonnes of turmeric were exported in March 2023 compared to 15,740.36 tonnes in March 2022, a 19.50% increase.
Spices Board India said to data from the production of spices in India is anticipated to have decreased by 1.5% on a yearly basis to 10.9 mln tn in 2021–2022 (Jul–Jun). The previous year, 11.0 mln tn of spices were produced in the nation. The Spices Board estimates that 1.33 million tonnes of turmeric were produced in 2014, an increase of 18.4%. The price finished at 7420 Rupees in Nizamabad, a significant spot market in AP, and increased by 34.9 Rupees.
Technically, the market is experiencing fresh selling as the market saw an increase in open interest of 8.12% to settle while prices are down -44 rupees. Currently, turmeric is receiving support at 7882 and a move below that level could result in a test of the 7788 levels. Meanwhile, resistance is now likely to be seen at 8104, and a move above could result in a test of the 8232 levels.
