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yesterday settled down by -0.87% at 6816 as turmeric harvesting has started in the key growing regions and farmers and stockists are releasing their stocks, in the fear of further decline in prices. In the AP (Nizamabad) Turmeric market around 5,000-7,000 bags are arriving on an average daily basis. In the Erode spot market 400-600 bags are reported daily, In the Sangli district it is around 3500-7000 bags. Coupled with weak demand in the export and domestic markets prices are trading at lower levels (in the current season).
Turmeric exports during Apr-Jan 2023, rose by 7.76 percent at 1,36,492.59 tonnes as compared to 1,26,659.01 tonnes exported during Apr-Jan 2022. In January 2023 around 12,484.25 tonnes of turmeric was exported as against 12,039.57 tonnes in December 2022 showing a rise of 3.69%. In January 2023 around 12,484.25 tonnes of turmeric was exported as against 10,558.26 tonnes in January 2022 showing a rise of 18.24%. Production of spices in India is likely to have declined 1.5% on year to 10.9 mln tn in 2021-22 (Jul-Jun), according to data from Spices Board India. The country had produced 11.0 mln tn of spices in the previous year. The Spices Board has pegged turmeric production at 1.33 mln tn, up 18.4% on the year. In Nizamabad, a major spot market in AP, the price ended at 6821.25 Rupees dropping -50.4 Rupees.
Technically market is under fresh selling as the market has witnessed a gain in open interest by 21.13% to settle at 15050 while prices are down -60 rupees, now Turmeric is getting support at 6730 and below the same and could see a test of 6646 levels, and resistance is now likely to be seen at 6892, a move above could see prices testing 6970.
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