In Andhra Pradesh and Telangana, there is an anticipated decline of 18%-22% in acreage compared to the previous season. Crop arrivals for the week ending June 10, 2023, were significantly lower at 3,731.85 MT, down 55% from the previous week. Support was also seen as the untimely rains that occurred in various places in Andhra Pradesh damaged turmeric crops causing huge losses to the farmers. Turmeric exports during Apr 2023, rose by 42.32 per cent at 19,590.87 tonnes as compared to 13,765.03 tonnes exported during Apr 2022. In April 2023 around 19,590.87 tonnes of turmeric was exported as against 18,810.47 tonnes in March 2023 showing a rise of 4.15%. 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 8321.45 Rupees dropping -9.25 Rupees.

Technically market is under short covering as the market has witnessed a drop in open interest by -0.61% to settle at while prices are up 98 rupees, now Turmeric is getting support at 9156 and below same could see a test of 9020 levels, and resistance is now likely to be seen at 9424, a move above could see prices testing 9556.