📊 Market Overview: Turmeric Price Trends and Fundamentals
Despite a decline in arrivals and a drop in export inquiries, the turmeric market has shown resilience, supported by a 12.93% increase in exports from April to January. Domestic market sentiment remains subdued with prices settling at USD 1.74/kg. The technical outlook suggests potential volatility with key support at USD 1.71/kg and resistance at USD 1.78/kg.
📈 Key Market Data
📉 Market Drivers and Technical Analysis
- Increased area under cultivation yet expected yield drop due to untimely rains.
- Export growth indicates robust international demand despite domestic pressures.
- Technical levels suggest a cautious approach with potential for downward movement if support levels are breached.
⛅ Weather Forecast: Impact on Turmeric Harvest
Key growing regions face unpredictable weather, with recent rains potentially affecting the yield negatively. Close monitoring is advised for traders and farmers alike.
🔮 Price Forecast: Trading Recommendations
- Traders: Watch for breaks below support levels to adjust positions.
- Buyers: Consider locking in prices before further declines.
- Sellers: Hold for rebound above resistance levels before selling.
📈 3-Day Price Forecast
Expect prices to fluctuate between USD 1.68/kg and USD 1.81/kg, influenced by market sentiment and weather impacts.
