[ad_1]
The recent price movement in the turmeric market was influenced by a 3.33% increase, settling at 13528, primarily due to concerns about potential yield losses resulting from unfavourable October weather conditions. However, the market’s upside appears constrained by improved crop conditions, brought about by more favorable weather. Reports indicate that crop conditions are satisfactory and are expected to be ready for harvest between January and March.
A significant factor contributing to this increase is the expectation of a 20-25% decline in turmeric seeding in areas such as Maharashtra, Tamil Nadu (NS:), Andhra Pradesh, and Telangana, as farmers shift their priorities. From April to August 2023, turmeric exports rose by 11.51%, reaching 82,939.35 tonnes compared to the 74,377.12 tonnes exported during the same period in 2022. In terms of recent export performance, August 2023 saw a drop of 18.20% with 11,322.58 tonnes of turmeric exported, compared to 13,841.47 tonnes in July 2023. Additionally, there was a 6.67% decline in turmeric exports in August 2023 when compared to August 2022 when 12,131.39 tonnes were exported.
From a technical standpoint, the market is currently experiencing short covering, with open interest dropping by -0.48% to settle at 13430. Despite this, prices have increased by 436 rupees. is finding support at 13052, and a breach below this level could lead to a test of 12576. On the other hand, resistance is anticipated at 13902, and a move above this level may drive prices to test 14276.
[ad_2]
Source link