Given that export demand is strong despite weak local demand, turmeric prices yesterday increased by 0.14% to 7024 on short covering. In anticipation of additional price declines, farmers and stockists are releasing their stock of turmeric as harvesting has begun in the main growing regions. Over 5,000–7,000, bags arrive on a daily average in the AP (Nizamabad) Turmeric market. There are reports of 400–600 bags each day in the Erode spot market and 350–7000 bags per day in the Sangli district.
Prices are currently trading at lower levels as a result of sluggish demand in both the export and local sectors (in the current season). The amount of turmeric shipped between April and January 2023 increased by 7.76 percent to 1,36,492.59 tonnes from 1,26,659.01 tonnes during the same period the previous year. Over 12,484.25 tonnes of turmeric were exported in January 2023 compared to 12,039.57 tonnes in December 2022, a rise of 3.69%.
Over 12,484.25 tonnes of turmeric were exported in January 2023 compared to 10,558.26 tonnes in January 2022, an increase of 18.24%. 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). 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%.
A significant spot market in AP, Nizamabad, saw the price ended at 6956.25 rupees, up 55.2 rupees. Technically, the market is under fresh buying as open interest increased by 19.49% to close at 9535 while prices increased by 10 rupees. Currently, turmeric is receiving support at 6996, and a move below that level could result in a test of the 6970 levels. Resistance is now anticipated to be seen at 7058, and a move above could result in a test of the 7094 levels.
