Turmeric prices decreased due to profit booking in anticipation of an increase in domestic supply

On profit booking yesterday, the price of turmeric decreased by -2.47% to 8282 in anticipation of an increase in local supplies. In anticipation of a drop in pricing, traders are likewise expressing less interest at current price levels and refraining from mass purchasing. Given that farmers are receiving a fair price for their produce, supplies in Maharashtra and Telangana are probably going to rise. Due to poorer production prospects and delayed monsoon forecasts, price declines appear to be limited.

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. The amount of turmeric shipped from April through February 2023 increased by 10.42 percent to 151,298.89 tonnes from 137,017.23 tonnes exported from April through February 2022. Around 14,806.30 tonnes of turmeric were shipped in February 2023 as compared to 12,484.25 tonnes in January 2023, an increase of 18.60%.

Turmeric exports increased by 42.94% from 10,358.22 tonnes in February 2022 to around 14,806.30 tonnes in February 2023. 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 7669.75 Rupees in Nizamabad, a significant spot market in AP, up 210.3 Rupees.

Technically, the market is in long liquidation as evidenced by the market’s drop in open interest of -5.42% to settle at 15085 while prices are down 210 rupees. Currently, Turmeric is receiving support at 8124 and a move below that level could result in a test of the 7966 levels. Resistance is now likely to be seen at 8504, and a move above that level could result in prices testing 8726.

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