Turmeric prices decreased Rs 200-300 a quintal on Wednesday. At the Erode Turmeric Merchant Sales Centre, the root variety price dipped below Rs 14,000 a quintal. Sales were tepid too, said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.
Spot turmeric prices will drop further at Erode, even as the fresh crop has started coming to the market.
“All the bulk buyers and other traders are eagerly waiting for fresh orders from North India, but till date no orders have been received. Hence, the bulk buyers are staying away from buying at Erode,” he said.
In the Regulated Market, out of the 337 bags that arrived, old crop made up only 50. The fresh number eight crop fetched around Rs 12,000 a quintal, whereas the Mysore variety was sold at Rs 12,500-13,000 a quintal. The Salem hybrid variety (unpolished) fetched around Rs 13,000 a quintal. A further dip in prices is likely in the coming days. At the Regulated Marketing Committee, prices decreased by Rs 1,000 a qunital on Tuesday, but they rose about Rs 500 a quintal on Wednesday.
At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 8,009-14,534 a quintal and the root variety Rs 7,509-13,985 a quintal. Out of the 653 bags that arrived, 217 were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 14,300-14,915 a quintal and root variety Rs 13,800-14,414 a quintal. At the Regulated Marketing Committee, the finger variety sold at Rs 14,197-14,939 a quintal and root variety Rs 13,519-14,514 a quintal. Out of the 337 bags that arrived, 205 were sold.