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Turmeric gained as export demand is good.
Apr 06, 2023

Turmeric yesterday settled up by 0.46% at 7014 on short covering as export demand is good amidst lukewarm domestic demand. 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 6956.25 Rupees gained 55.2 Rupees.

Technically market is under fresh buying as the market has witnessed a gain in open interest by 15.15% to settle at 7980 while prices are up 32 rupees, now Turmeric is getting support at 6974 and below same could see a test of 6934 levels, and resistance is now likely to be seen at 7052, a move above could see prices testing 7090.

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