Turmeric increased after reports of declining yields

As a result of indications that crop yields in the Maharashtra region of Marathwada have decreased due to recent rain, turmeric prices yesterday closed up by 6% at $8024. Support was also noted because the farmers in Andhra Pradesh suffered significant losses due to the late rains that destroyed their turmeric crops. Due to the rain, the supplies of turmeric were submerged in rainwater in the Guntur, Krishna, and NTR Districts.

Arrivals of the fresh crop have improved, as 7–8 lakh bags have so far been recorded in Sangli and roughly 7-8 lakh bags have reached the market in Nizamabad. The market is overstocked, and stockists are attempting to discharge their inventory as prices climb. Comparing April to February 2023 to April to February 2022, turmeric exports increased by 10.42% to 151,298.89 tonnes. There was an increase of 18.60% in the amount of turmeric shipped in February 2023 compared to January 2023 (12,484.25 tonnes vs. 14,806.30 tonnes).

Around 14,806.30 tonnes of turmeric were shipped in February 2023 compared to 10,358.22 tonnes in February 2022, a 42.94% increase. 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. Turmeric production was estimated at 1.33 million tonnes by the Spices Board, up 18.4% over the previous year.

The price finished at 7229.95 rupees, up 59.85 rupees, in Nizamabad, a significant spot market in AP. Technically, the market is seeing new buying as open interest increased by 6.97% to settle at 15345 while prices increased by 454 rupees. Currently, turmeric is receiving support at 7704, and a move below that level could result in a test of the 7382 levels. Resistance is now expected to be seen at 8186, and a move above could result in prices testing 8346.

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