Lower demand from north Indian merchants pulled down turmeric on Thursday even as arrivals were low.

“The spice will hover around Rs 4,000 a quintal for another one or two weeks. In the first week of August, exporters and bulk buyers will get fresh upcountry orders, and the prices may increase then. Some officials at the auction centres said that they have written to the Government to procure the produce at Rs 4,000 to Rs 5,000 a quintal. If the Government agrees, the price in local market also will go up,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said arrivals in all the markets in India were limited as farmers expect prices to increase.

The farmers said that they are now bringing about 10,000 bags a day to earn enough to meet their family expenses. Due to arrival of medium quality crop, including the hybrid Salem crop, the prices fell for local crops by Rs 150 a quintal (by Rs 250 a quintal for the hybrid Salem crop).

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 2,259-4,155 a quintal, and the root variety at Rs 2,229-3,834.

Salem crop: The finger variety was sold at Rs 3,574-5,259 a quintal and the root variety at Rs 3,431-4,375. Of the 1,415 bags that arrived, 1,030 were sold. At the Regulated Marketing Committee, the finger variety was sold at Rs 3,726-4,399 a quintal and the root variety Rs 3,639-4,168. Of the 1,786 bags that arrived, 1,728 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety fetched Rs 2,810-4,386 a quintal and the root variety Rs 2,406-3,909. All the 262 bags that arrived were sold.

At the Erode Cooperative marketing society, the finger variety was sold at Rs 3,480-4,545 a quintal and the root variety at Rs 3,189-4,024. Of the 1,295 bags that arrived 1,291 were sold and four were returned because of the poor quality of the spice in them.

(This article was published on July 5, 2012)
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