As a result of indications that crop yields in the Maharashtra region of Marathwada have decreased due to recent rain, turmeric prices yesterday increased by 0.89% to 7912. Support was also noted because the farmers in Andhra Pradesh suffered significant losses due to the late rains that destroyed their turmeric crops. Due to the rain, the supplies of turmeric were submerged in rainwater in the Guntur, Krishna, and NTR Districts.
In the middle of June, sowing is anticipated to start in Tamil Nadu (NS: TNNP). Farmers in Maharashtra, Andhra Pradesh, and Telangana are waiting for rain before preparing their fields and sowing their crops. This will happen after two to three monsoon showers. When compared to April 2022, when 13,765.03 tonnes of turmeric were exported, April 2023 saw a 42.32 percent increase to 19,590.87 tonnes. There was an increase of 4.15% in the amount of turmeric shipped in April 2023 compared to March 2023 (18,810.47 tonnes).
According to data from Spices Board India, India’s production of spices is probably down 1.5% on a yearly basis to 10.9 mln tn in 2021–2022 (Jul–Jun). The nation had produced 11.0 mln tn of spices the year before. Turmeric production was estimated at 1.33 million tonnes by the Spices Board, up 18.4% over the previous year. The price finished at 7444.15 Rupees and increased by 11.65 Rupees in Nizamabad, a significant spot market in AP.
Technically, the market is experiencing new buying as open interest increased by 3.15% to settle at a level where prices are up 70 rupees. Currently, the price of turmeric is receiving support at 7824, and a move below that level could result in a test of the 7734 level. On the other hand, resistance is now likely to be seen at 7992, and a move above could result in prices testing 8070.
