Turmeric Gains Amid Below Normal Supplies And Active Festive Demand.

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Turmeric Gains Amid Below Normal Supplies And Active Festive Demand.

Turmeric prices surged significantly by 5.99% to settle at 17308, primarily fueled by active festive demand coupled with below-normal supplies in the market. However, this upward momentum is expected to face limitations as new arrivals are anticipated from the Marathwada region in Maharashtra, as indicated by reports of new crop supplies in various spot markets. The influx of new arrivals, such as 5,400 bags in Nanded, 10,500 bags in Nizamabad, and 18,500 bags in Erode, signals an increase in supply compared to the previous week, exerting pressure on prices.

Additionally, the Ministry of Agriculture and Farmers’ Welfare's estimate of turmeric production for 2023-24 at 10.74 lakh tonnes reflects a decline from the previous year's production, contributing to supply dynamics. Moreover, while turmeric exports during April-Jan 2024 saw a slight decline compared to the previous year, imports during the same period witnessed a notable decrease. This indicates a relatively balanced trade scenario, albeit with slight fluctuations in volumes.

From a technical standpoint, the market observed fresh buying interest, with a notable increase in open interest by 3.11% to settle at 17730, accompanied by a substantial price increase of 978 rupees. Currently, Turmeric finds support at 16704, with a potential downside test at 16098. On the upside, resistance is anticipated at 17612, with a breakthrough potentially leading to further testing at 17914.

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