Spot turmeric decreased by Rs 150 a quintal on Tuesday on lack of demand in Erode markets. However, growers were reluctant to sell at current lower prices.

“Disappointed over the price, few growers brought stocks and took back 40 per cent of the stock,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.

“The price of the commodity is decreasing every day for want of demand. But for the past couple of days, supply and demand are equal. On Tuesday 5,000 bags arrived for sales and 60 per cent were sold at a lower rate.”

He said in local market turmeric decreased Rs 150 a quintal, whereas in the Regulated Marketing Committee, the yellow spice declined Rs 250.

Turmeric growers said: “We expect price to increase to about Rs 10,000 a quintal in August or September and we will sell turmeric then only.”

Bulk buyers said due to the low price in other markets such as Sangli and Nizamabad, buyers from North India are placing orders with merchants there and building inventories.

At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 5,709-7,810 a quintal, the root variety Rs 5,009-6,611.

Salem crop : The finger variety fetched Rs 7,609-8,209, the root variety Rs 6,399-7,239. Of 1,597 bags that arrived, 325 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,240-7,669, the root variety Rs 5,222-7,019. Of 84 bags that arrived, 74 bags were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,769-7,936, the root variety Rs 5,555-6,564. Of 784 bags that arrived, 596 were sold. At the Regulated Marketing Society, the finger variety was sold at Rs 6,766-7,240, the root variety Rs 6,190-6,689. Of 415 bags that arrived, 369 were sold.

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