The spot turmeric price fell sharply despite low arrivals.
“Everyone is shocked as the arrival of turmeric decreased sharply and only 4,727 bags arrived for sale on Monday. This is the lowest arrival during this year. But prices have not increased, instead they have come down by Rs 700 a quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said due to rain in and around Erode, only few farmers brought their turmeric for sale. In Gobichettipalayam Cooperative Marketing Society only one farmer brought three bags, so the auction did not take place on Monday.
Since the stockists have already procured more than 30 lakh bags of turmeric, they are buying lower quantities as they have reached a saturation point.
The prices of turmeric futures have stayed at Rs 5,200 a quintal for the past few days, but trading has been dull as there is no demand in North Indian towns. Traders are also of the opinion that prices will not stay at this level for long and are likely to come down further soon.
The prices in the Regulated Marketing Committee decreased by Rs 700 a quintal despite arrival of quality turmeric. In the other market, prices decreased by Rs 100 a quintal. Out of 4,727 bags of turmeric, 70 per cent were sold.
At the Erode Turmeric Merchants Association Sales yard, the finger variety sold at Rs 2,364-4,856 a quintal, root variety at Rs 2,217-4,674 a quintal.
Salem crop: The finger variety sold at Rs 4,111-5,864 a quintal, root variety at Rs 3,611-5,164 a quintal. Of 745 bags that arrived, 207 were sold.
At the Regulated Marketing Committee, the finger variety sold at Rs 4,569-5,066 a quintal, root variety at Rs 4,269-4,836 a quintal. Of the arrival of 525 bags, 488 were sold.
At the Erode Cooperative Marketing Society finger variety sold at Rs 4,799-5,899 a quintal, root variety at Rs 4,219-5,099 a quintal. All the 652 bags kept for sales were sold.