Old turmeric crop prices drop sharply

Old turmeric crop price dropped Rs 1,000 a quintal on Monday on lack of demand.

“The price of new turmeric is stable, but sales improved due to demand for the new turmeric. But there is no demand for old turmeric and so the price decreased by Rs 1,000 a quintal at Erode,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said: “Growers are having limited stock of old turmeric and because of heavy arrivals of new turmeric, demand for the old turmeric has decreased drastically. No one is ready to buy the product at Rs 12,000-12,500 a quintal, as the new crop is available below that price”.

“We are expecting from next week huge stock of new crop, like Number 8, Mysore variety and also Erode variety will arrive heavily to the market. But limited sales would be done and the price will remain unchanged,” he said.

In Erode Turmeric Merchants Association sales yard, the finger variety (new crop) fetched Rs 9,010-11,766 a quintal, root variety Rs 8,160-10,689. Of the 1,812 bags received, 500 were sold.

The Finger variety (old crop) was sold at Rs 9,201-12,579 and the root variety Rs 9,100-12,296. Out of arrival of 277 bags 100 were sold.

In Erode Cooperative Marketing Society, the finger variety was sold at Rs 9,241-13,369, the root variety Rs 7,089-13,045. 352 bags of old and new varieties received, 260 were sold.

In the Regulated Market Committee, the finger variety of the old turmeric was sold at Rs 12,467-13,249, the root variety Rs 12,467-13,215.

The finger variety of the new variety fetched Rs 9,010-11,766, the root variety Rs 8,166-10,689 a quintal.

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