Lack of upcountry buying drags turmeric

Spot turmeric prices dropped by Rs 400 a quintal on lack of upcountry buying on Monday.

“No one expected the sudden decrease of Rs 400 a quintal in spot turmeric on Monday. Because of this, many farmers took back their produce,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

“Due to heavy rain in Maharashtra and Gujarat, Erode turmeric bulk buyers did not receive even a single order. Further, due to the onset of South-West monsoon, prices are decreasing in Nizamabad and Sangli markets. Futures also quoted low. All these things have reflected in Erode turmeric market.”

At the Regulated Market Committee, the finger variety decreased by Rs 800 a quintal and arrivals were low.

The traders said that out of the arrival of 7,000-odd bags, only 30 per cent of the stocks were sold and the remaining was taken back by growers. They said that they never expect that the price will decline so sharply on Monday. At the Erode Turmeric Merchants Association Sales Yard, the finger variety fetched Rs 5,359-7,410 a quintal, the root variety Rs 5,206-6,296.

Salem Crop : The finger variety was sold at Rs 6,889-8,659, the root variety Rs 5,977-6,397. Out of 2,109 bags that arrived, 325 bags were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,810-7,560, the root variety Rs 4,027 -6,320. Out of 121 bags that arrived, 115 were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,572-7,599 a quintal, root variety was sold at Rs 5,219 to Rs 6,399. Out of arrival of 584 bags, 551 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 6,680-7,137, the root variety Rs 5,790-6,280. Out of 394 bags that arrived, 386 were sold.

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