As the Kharif sowing acreage is anticipated to decline during the current season, turmeric prices yesterday increased by 5.85% to 9548. 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 for the week ending June 10, 2023, were much lower than the previous week at 3,731.85 MT, a 55% decrease.
Support was also noted because the farmers in Andhra Pradesh suffered significant losses due to the late rains that destroyed their turmeric crops. 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. The Spices Board estimates that 1.33 million tonnes of turmeric were produced in 2014, an increase of 18.4%. The price finished at 8323.5 Rupees in Nizamabad, a significant spot market in AP, up 301.05 Rupees.
Technically, the market is experiencing new buying as open interest increased by 2.76% to settle at 15665 while prices increased by 528 rupees. Currently, turmeric is receiving support at 9044, and a move below that level could result in a test of 8542 levels. Resistance is now expected to be seen at 9804, and a move above could result in prices testing 10062.
