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Spot turmeric prices ruled steady but about 70 per cent of the produce brought to the market remained unsold.
“Many farmers who were in a position to hold their produce refused to sell at a lower price. Farmers have taken back their stocks due to the low price,” said R.V. Ravishankar, President, Erode Turmeric Merchants Association. “The prices were very low in other turmeric markets in India and no trader in North India visited or placed order. Because of this the sales were also poor like the price.” Traders said out of arrival of 8,000-odd bags on Friday, only 30 per cent were sold. The farmers are still hopeful of getting a minimum of Rs 10,000 a quintal for their produce. But almost all turmeric growers have decided to liquidate their stocks of the current year before November, as they expect huge stock to arrive next year, as sowing has started in huge tracts.
The prices in Erode Turmeric Merchants Association Sales yard and Regulated Marketing Committee decreased by Rs 200 a quintal, but in the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety increased by about Rs 1,000 a quintal. Traders said that only five or six lots (roughly 75 bags) containing fine hybrid variety were sold for a higher price.
Salem crop : The finger variety sold at Rs 7,419-8579, the root variety at Rs 6,089-6,711. Out of 2,237 bags that arrived, 427 were sold.
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