Motivated by dwindling supply in the spot market, turmeric prices spiked by 2.38% during yesterday’s trading session, ultimately finishing at 15666. Sluggish purchasing activity on expectations of stock releases ahead of the new harvest season, however, limited the rise. In the near future, it is anticipated that tighter ending stockpiles and the expectation of a delayed harvesting of the new crop would sustain strong market sentiments for turmeric.
A more complex picture emerges from export data, showing a 2.27% decrease in turmeric shipments from April to December 2023 as compared to the same period in 2022. Nonetheless, exports increased significantly in December 2023, up 21.47% from November 2023, despite falling 13.41% from December 2022. Turmeric prices closed at 14461.8 Rupees in the spot market, its indicating a strong gain of 2.06%.
Technically speaking, there appears to be new purchasing impetus in the market as seen by a spike in open interest and a notable price increase. Resistance is anticipated around 15942, with a possible breakout leading to additional price exploration towards 16218. Support levels are seen at 15346, with a possible test of 15026.
