On profit-taking yesterday, the price of turmeric dropped by -3.58% to 7928 in anticipation of an increase in local supplies. In anticipation of a drop in pricing, traders are likewise expressing less interest at current price levels and refraining from mass purchasing. Given that farmers are receiving a fair price for their produce, supplies in Maharashtra and Telangana are probably going to rise. Due to poorer production prospects and delayed monsoon forecasts, price declines appear to be limited.
The monsoon is likely to arrive three days later than expected, according to the India Meteorological Department’s forecast. On June 4, rather than June 1, the southwest monsoon is predicted to arrive across Kerala. The amount of turmeric shipped from April through March 2023 increased by 11.34 percent to 170,085.36 tonnes from 152,757.59 tonnes exported from April through March 2022.
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. According to data from Spices Board India, 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).
Technically, the market is in a long liquidation phase as evidenced by the market’s drop in open interest of -5.02% to settle at 14205 while prices are down by -294 rupees. Currently, Turmeric is receiving support at 7740 and a move below could result in a test of the 7550 levels. Resistance is now likely to be seen at 8150, and a move above could result in prices testing 8370.
