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Spot turmeric decreased Rs 100-150 a quintal on Monday due to poor demand.
“Buyers in North Indian towns intend to buy new crop and are awaiting for it. So no fresh orders were floated for the spot turmeric for the past couple of days. They feel that the new crop may arrive in the market by the middle of January. North Indian buyers expect that the price may fall when the new crop arrives compared with the Rs 16,000-odd now. So, they are not placing fresh orders,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.
Farmers are also bringing limited crop, learning about the lower demand. So the arrival and sales are dull in Erode. Mr Ravishankar said only 2,000-odd bags arrived on Monday and only 60 per cent of the produce was sold. In the Erode Turmeric Merchants Association Sales Yard, the finger variety fetched Rs 9,486-16,829 a quintal, the root variety Rs 9,000-16,709. Of the arrival of 946 bags, 513 were sold.
In Gobichettipalayam Agricultural Co-operative Marketing Society, the finger variety was sold at Rs 16,267-17,046 a quintal, the root variety Rs 16,169-16,539. All the 37 bags arrived for sale were sold. In Erode Cooperative Marketing Society, the finger variety was sold at Rs 16,410–16,921 a quintal, the root variety Rs 16,269-16,820. Out of arrival of 326 bags, 284 were sold.
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