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The turmeric market experienced a notable setback, with a 3.1% drop in prices, settling at 13,692 due to profit booking. This decline was primarily influenced by improved crop conditions thanks to favorable weather. However, the potential for yield losses in the upcoming unfavourable October weather limited the downward movement. The crop is currently in satisfactory condition and is expected to be ready for harvest between January and March. The Indian Meteorological Department (IMD) projects drier-than-average weather for October, which could negatively impact crop growth. Despite this, buying activity remains robust, and dwindling supplies are expected to maintain price stability.
A key concern for the industry is the anticipation of a 20-25% decline in turmeric seeding, notably in regions like Maharashtra, Tamil Nadu (NS:), Andhra Pradesh, and Telangana, as farmers shift their priorities. The export data for April to August 2023 shows an 11.51% increase in turmeric exports compared to the same period in 2022. However, there was an 18.20% drop in turmeric exports in August 2023 compared to July 2023 and a 6.67% drop compared to August 2022. In Nizamabad, a significant spot market, turmeric prices ended at 13,679.15 Rupees, reflecting a marginal decline of 0.05%.
From a technical perspective, the market has seen fresh selling, with a 4.08% increase in open interest, settling at 14,410. Prices have decreased by 438 rupees. is currently finding support at 13,450, with the potential to test levels of 13,206, while resistance is expected at 14,054, with a chance of prices testing 14,414.
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