Due to reduced production prospects and a delayed monsoon projection, turmeric yesterday settled up 2.9% at 8022. In anticipation of a price decline, traders are however also displaying less interest in the current price levels and refraining from bulk purchasing. Given that farmers are receiving a fair price for their produce, supplies in Maharashtra and Telangana are probably going to rise. 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. When compared to the same period in the previous year, the amount of turmeric shipped from April through March 2023 increased by 11.34 percent to 170,085.36 tonnes. Turmeric exports increased by 27.04% from 14,806.30 tonnes in February 2023 to around 18,810.47 tonnes in March 2023. Around 18,810.47 tonnes of turmeric were exported in March 2023 as 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 an annual basis to 10.9 mln tn in 2021–2022 (Jul–Jun). The previous year, 11.0 million tons of spices were produced in the nation. Turmeric production is estimated by the Spices Board to be 1.33 million tonnes, up 18.4% over the previous year. The price closed at 7385.1 Rupees and increased by 28.05 Rupees in Nizamabad, a significant spot market in AP.
Technically, the market is experiencing new buying as evidenced by the increase in open interest that the market experienced, which increased by 25.02% to settle at while prices increased by 226 rupees. Currently, Turmeric is receiving support at 7818, and a move below that level could result in a test of the 7614 levels. Resistance is now anticipated to be seen at 8150, and a move above could result in a test of 8278.
