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Spot turmeric prices touched an eight-month high of Rs 5,000 a quintal as arrivals were the lowest this year.
“It (hitting Rs 5,000) is purely unexpected for both traders and turmeric growers. On November 9,2011, the finger variety was sold at Rs 5,034 a quintal at the Erode Turmeric Merchants Association sales yard and on the November 10, 2011, the crop was sold at Rs 5,009 a quintal at the Gobichettipalayam Cooperative Marketing Society. Further today’s arrival of 7,100 bags is the lowest for the current year,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. Tumeric prices have not appreciated in other North Indian markets where it is still selling at Rs 4,300 a quintal.
He said that if rains failed and no water is released into the Lower Bhavani Project canal after August 15, turmeric prices will surge. Mr Palanisamy Gounder, a traditional turmeric grower, expressed happiness at the sudden increase in prices. He hoped that prices regain the Rs 15,000 a quintal level again.
On Monday,the finger variety increased by Rs 900 a quintal and the root variety by Rs 300 a quintal. Of 7,100 bags that arrived, 90 per cent of the stocks were sold. About 95 per cent of this was procured by stockists.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 2,399-5,026 a quintal and the root variety Rs 2,399-4,009. Salem Crop: The finger verity fetched Rs 4,986-5,616 and the root variety Rs 3,909-4,636. Of the arrival of 945 bags, 498 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 4,679-5,119 and the root variety Rs 4,599-5,100. All the 1,160 bags on offer were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 4,009-5,499 and the root variety Rs 3,980-5,116. Of the 1,167 bags of turmeric on sale, 1,164 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 3,517-4,980 a quintal, root variety Rs 3,572-4,698 a quintal. All the 55 bags kept for sales were sold.
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