Spot turmeric prices continued to drop on higher arrivals at Erode Markets. On Thursday, prices declined by over Rs 300 a quintal.

“Usually in May, a lean season, arrivals tend to be low of about 7,000 bags daily. In contrast this year, arrivals have touched 14,000 bags, this has resulted in steep decrease in price” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. He said at the Regulated Marketing Committee, spot turmeric decreased by Rs 500 a quintal on Thursday. In other markets, it decreased Rs 300.

He said: “Already due to lack of demand from North India, prices are declining and are below Rs 8,000.”

If the price improves, say to above Rs 8,000, farmers will sow turmeric this year. But if prices continue to decrease, then may switch over to some other crop. He said farmers will take a decision only in June.

Currently, only 50 per cent of the crop brought to markets are sold, as the 35-odd traders are buying limited stocks to fulfil local orders.

Some traders said that only low quality (affected by rain) turmeric is arriving, and it contains low curcumin content

At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 6,064-7,909 a quintal, the root variety Rs 5,869-6,390.

Salem crop : The finger variety was sold at Rs 7,514-8,599, the root variety Rs 6,411-7,091. Of 3,514 bags that arrived, 409 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at a low price of Rs 4,227 to Rs 8,109, the root Rs 3,501-6,669. Out of 363 bags that arrived, 241 were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 6,103-7369 a quintal, the root variety Rs 5,933-6,511 a quintal. Out of 1,251 bags that arrived, 1077 bags were sold.

At the Regulated Marketing Committee, the finger variety fetched Rs 6,990-7,531, the root variety Rs 5,591-6,169 a quintal. Out 1354 bags that arrived, 1131 were sold.

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