Spot turmeric prices inched up on Friday and touched Rs 6,000 a quintal on hopes of getting orders from North India, post-Diwali.

“After two months, the price of the turmeric touched Rs 6,000 a quintal. Though the arrival of turmeric increased to 2,200 bags, the price increased marginally. Of the 1,450 bags sold on Friday, only 250 bags were sold at Rs 6,000 and the rest at Rs 5,900. Buyers, mainly the local traders, selected quality turmeric quoting a slightly higher price. Still, traders and turmeric merchants are waiting for upcountry orders,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that chances are bright for slight improvement in price after Diwali and it will touch Rs 7,500-8,000, based on demand from North. Farmers are having huge stock with them but are reluctant to offload as they feel that prices will increase.

Traders, however, rule out huge increase in price, as the rates in Andhra Pradesh, particularly Warangal, are lower.

Exporters said that they will get ample orders before the end of this month for the root variety from Delhi and from other parts of North India for the finger variety.

At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 4,399-5,914 a quintal; the root variety Rs 3,532-5,099.

Salem Hybrid Crop: The finger variety fetched Rs 4,994-6,477; the root variety Rs 4,734-5,414. Of the 732 bags that arrived, only 145 were sold.

At the Regulated Market Committee, the finger variety was sold at Rs 5,141-6,099 and the root variety Rs 4,369-5,266. Of the 431 bags on offer, 347 found takers.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 4,371-6,029; the root variety Rs 4,396-5,047. All the 334 bags on offer were traded. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety fetched Rs 5,177-5,842; the root variety Rs 4,372-5,072. All the 140 bags were sold.

(This article was published on October 11, 2013)
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