As the Kharif sowing acreage is anticipated to decline during the current season, turmeric prices yesterday increased by 2.01% to 8832. The expected drop in Maharashtra’s sowing area is between 10% and 20%. The acreage is anticipated to drop by 10% to 15% in Tamil Nadu (NS: TNNP). A reduction in acreage between 18% and 22% from the previous season is projected in Andhra Pradesh and Telangana. Crop arrivals were much lower for the week ending June 10, 2023, at 3,731.85 MT, a 55% decrease from the previous week.
Support was also noted because the late rains in Andhra Pradesh devastated the farmers’ turmeric crops, resulting in significant losses. The amount of turmeric shipped in April 2023 increased by 42.32 percent to 19,590.87 tonnes from 13,765.03 tonnes in April 2022. Around 19,590.87 tonnes of turmeric were exported in April 2023 compared to 18,810.47 tonnes in March 2023, a rise of 4.15%.
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%. The price finished at 7761.45 Rupees in Nizamabad, a significant spot market in AP, and increased by 108.7 Rupees.
Technically, the market is experiencing new buying as open interest increased by 5.26% to close at a level where prices are up 174 rupees. Currently, Turmeric is receiving support at 8526, and a move below that level could result in a test of the 8218 levels. On the other hand, resistance is now likely to be seen at 9046, and a move above could result in prices testing 9258.
