Turmeric prices fell -2.45%, closing at 12910, as purchasing activity decreased in advance of the anticipated release of stockpiles ahead of the fresh crops in January 2024. The better crop conditions brought about by the excellent weather added to the pressure on pricing. Maharashtra farmers’ attitudes were affected when they learned that Prime Minister Modi’s Turmeric Board was situated in Telangana.
The possibility of yield losses brought on by the crop’s adverse weather conditions, however, restricted the negative. The IMD predicts October will be drier than usual, which will affect agricultural growth. Prices should remain stable as long as purchasing activity continues at the current rate and supply decline. Turmeric sowing is predicted to drop by 20–25% this year, especially in regions like Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana. This is due to farmers’ evolving priorities.
When compared to 88,367.77 tons during the same time in 2022, the amount of turmeric exported from April to September 2023 climbed by 4.14% to 92,025.16 tons. Nevertheless, September 2023 shipments fell 35.06% from September 2022 and 19.75% from August 2023. At the close, the main Nizamabad spot market was trading at 13663.15 Rupees, up 1.95%.
With a -3.06% decline in open interest to close at 11,400, the market technically saw long liquidation. Resistance is probably around 13234, a rise over which could lead to a test of 13558. Turmeric is finding support at 12698, and a breach might test 12486.
