North Indian demand lifted spot turmeric by Rs 300 a quintal on Tuesday. Futures were up 2 per cent.
“Futures increased by 2 per cent at Rs 6,500 a quintal. So, local buyers, too, quoted higher,” said Erode Turmeric Merchants Association President R.K.V. Ravishankar.
An upward trend has started and prices may go up another Rs 200-300 a quintal, he said.
Farmers said that producing one quintal cost them around Rs 8,500, but they were getting at most only Rs 5,500. So, they want the Union Government to fix a minimum support price of Rs 8,500-9,000.
In this regard, Erode Member of Parliament A. Ganesamoorthy along with Federation of All India Turmeric Farmers Association’s representatives recently met President Pranab Mukherjee.
Arrivals of the fine variety in the Regulated Market pushed up the highest price to Rs 6,021 a quintal, an
increase of Rs 460. Of the 4,500 bags that arrived, 60 per cent was sold. Stockists purchased 10-20 per cent of the stocks.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 3,899-5,811 a quintal, the root variety at Rs 3,696-5,319.
Salem hybrid crop: The finger variety was sold at Rs 5,964-6,339, the root variety at Rs 5,255-5,589. Of the 1,120 bags that arrived, 302 were sold.
At the Regulated Market Committee, the finger variety was sold at Rs 4,266-6,021, the root variety at Rs 4,169-5,439. Of the 559 bags that arrived, 539 were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 4,716-5,869, the root variety at Rs 4,389-5,510. All the 503 bags kept for sale were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,899-5,772, the root variety at Rs 4,869-5,544. All the 164 bags kept for sale were sold.