Turmeric Gains Amid Crop Damage due to Heavy Rains and Cyclones This Year

  • Commodities Analysis
  • Editors Pick

Turmeric yesterday settled up by 3.24% at 10132 amid crop damage due to heavy rains and cyclones this year. Turmeric crop was damaged in Maharashtra, Nizamabad in Telangana, and Kadapa in Andhra Pradesh due to rains and cyclones. The arrival of the new crop has started in the markets of Telangana and Maharashtra. In the first 7 months (April-October) of the financial year 2021-22, exports declined by 23% to 89,850 tonnes over the previous year, but higher by 6.5% over the 5-year average. For the past three years, traders were offering a lower price for turmeric due to lack of demand.  
 
The farmers, who incurred losses during this period due to low prices, are hoping to get a good price this year so that they could clear their dues to some extent. The market sentiment is buoyant mainly since the ending stocks are expected to be 17-18 lakh bags (50 kg each) this year against 25 lakh bags last year. Spices Board data showed turmeric production this year is projected at 11.01 lakh tonnes against 11.78 lakh tonnes last year, mainly on the output being affected in Telangana, Karnataka, Tamil Nadu (NS: TNNP ), Assam, and Haryana. In Nizamabad, a major spot market in AP, the price ended at 9461.9 Rupees gained 140.45 Rupees. 
 
Technically market is under fresh buying as the market has witnessed a gain in open interest by 1.47% to settled at 9985 while prices up 318 rupees, now Turmeric is getting support at 9858 and below same could see a test of 9586 levels, and resistance is now likely to be seen at 10350, a move above could see prices testing 10570.  

Trading Ideas:
# Turmeric trading range for the day is 9586-10570.
# Turmeric prices gained amid crop damage due to heavy rains and cyclones this year.
# Turmeric crop was damaged in Maharashtra, Nizamabad in Telangana, and Kadapa in Andhra Pradesh due to rains and cyclones.
# The arrival of the new crop has started in the markets of Telangana and Maharashtra.
# In Nizamabad, a major spot market in AP, the price ended at 9461.9 Rupees gained 140.45 Rupees.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles