Turmeric faced a decline of -1.76%, settling at 12368, influenced by slower buying activities in anticipation of stock releases ahead of the new crops in January 2024. The market also experienced pressure due to improved crop conditions resulting from favourable weather. Farmer concerns arose in Maharashtra over the location of PM Modi's Turmeric Board in Telangana, though the downside is limited by potential yield losses attributed to the crop's unfavourable weather conditions.
The crop is expected to be ready for harvest between January and March. Despite the current slower buying activity, the market is supported by expectations of yield losses and decreasing supplies, which contribute to price stability. Additionally, improved export opportunities provide further support. Turmeric exports during Apr-Sep 2023 increased by 4.14% at 92,025.16 tonnes compared to the same period in 2022. However, there was a drop of 19.75% in September 2023 compared to August and a larger decline of 35.06% compared to September 2022.
The technical perspective reveals that the market is undergoing long liquidation, with a -0.27% drop in open interest, settling at 10945. Prices have decreased by -222 rupees. Turmeric is currently finding support at 12154, with a potential test of 11942 levels in case of a further decline. On the upside, resistance is likely at 12718, and a breakthrough could lead to a test of 13070 levels.
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