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Spot turmeric prices dropped by Rs 200-300 a quintal on Thursday on higher arrivals and low demand. New arrivals also fetched low price.
On Thursday, around 2,500 bags arrived in the market, including 100 bags of Mysore variety, and 300 bags of No 8 Chennampatty variety. The Mysore variety fetched Rs 13,200-13,400 a quintal, while the Chennampatty variety was sold at Rs 12,500 a quintal.
Traders said there was no upcountry demand. Currently, they are buying the produce for local sales. They also said they will not buy over 200 bags a day. They said only few lots (20 bags) fetched more than Rs 15,000 on Thursday. Bulk buyers said they expect prices to fall to Rs 14,000 a quintal when the market opens on January 18 after Pongal . At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 9,099-15,509 a quintal. The root variety was sold at Rs 9,000-15,089 a quintal. Out 1,232 bags that arrived, 509 were sold. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety fetched Rs 14,165-15,310 a quintal, the root variety fetched Rs 13,110-15,110 a quintal. Out 98 bags that arrived, 63 were sold. At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 14,274-15,178 a quintal, the root variety at Rs 13,727-14,847 a quintal. At the In the Regulated Marketing Committee, the finger variety was sold at Rs 14,566-15,181 a per quintal, the root variety at Rs 14,464-14,890 a per quintal.
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