The price of the spot turmeric has increased by Rs 200 a quintal. “New traders have entered the market, buying heavily to stock up. So the prices are increasing every day, but it is not due to demand as we have yet to see upcountry demand. Those who do not understand the trade are also buying, as they feel that the prices will touch at least Rs 10,000 before the year-end or the beginning of next year,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said prices in Erode will increase after a rise in Warrangal and Nizamabad. But now the prices have increased to Rs 4,600 and Rs 5,000 respectively on seeing the increase in turmeric price at Erode. He also said upcountry orders for Erode turmeric are possible after August 10, when the prices may go beyond Rs 5,000 a quintal.
Happy over the uptrend in prices, farmers say new buyers have entered the turmeric field. They also said more than 30 lakh bags are lying idle with the stockists who purchased from them through the last two months. About 90 per cent of the stocks are quality stocks, spurring demand among the buyers.
The prices of finger variety turmeric increased by Rs 250 a quintal in the Regulated Marketing Society and Rs 200 a quintal in other markets. But the prices have crossed Rs 6,000 a quintal in all markets. At the Erode Turmeric Merchant’s Association sales yard, the finger variety was sold at Rs 3,499-5884 a quintal, root variety Rs 3319-5206 a quintal.
Salem crop: The finger variety was sold at Rs 4832-6516 a quintal, root variety Rs 4,734-5432 a quintal. Of the 1,123 bags of turmeric arrived for sales, 422 bags were sold.
At the Regulated marketing Committee, the finger variety was sold at Rs 5537-6,209 a quintal, root variety Rs 5,367-5,710 a quintal. All the 1,680 bags of turmeric arrived for sales were sold. At the Erode Cooperative Marketing Society finger variety was sold at Rs 4799-6,107 a quintal, root variety Rs 4,709-5,499 a quintal. All the 798 bags kept for sales were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society finger variety was sold at Rs 5,060-6,099 a quintal, root variety Rs 4,796-5,400 a quintal. All the 101 bags of turmeric kept for sales were sold.