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Spot turmeric prices decreased by Rs 400 a quintal on Thursday at Erode.
“After closure of six days due to lorry strike, the market opened on Thursday. Most farmers came to the market with great expectations. About 8,000 bags of turmeric were brought, but only 40 per cent of them were sold. Prices slid for want of upcountry demand,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said: “All the traders are having huge stock of turmeric and also they are not receiving any fresh orders from North India, so are buying very limited stocks. Further, the price quoted in futures is also very low. Similarly the prices for the commodity is in decreasing trend in Nizamabad and Sangli. So, the Erode traders do not want to take risk and quoted low price”.
He expects the price to appreciate by Rs 200-300 a quintal by the end of this month. Turmeric farmers said that they never expected such a low price for their commodity which is selling below Rs 6,000 a quintal. In Erode Turmeric Merchants Association sales yard, the price of the turmeric declined by Rs 400 a quintal. Similarly the prices were down by Rs 500 a quintal in Gobichettipalayam Agricultural Cooperative Marketing Society and Regulated Marketing Committee.
The price of Salem hybrid variety also decreased by Rs 350 a quintal.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 4,066-5,685 a quintal, the root variety at Rs 4,011-5,349.
Salem Crop: The finger variety was sold at Rs 5,689-6,581, the root variety at Rs 4,609-5,539. Totally 1,596 bags of turmeric arrived for sales and 387 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,321-5,739, the root variety at Rs 3,400-5,280. Out of 328 bags that arrived , 228 were sold.
At the Erode Cooperative Marketing Society, the finger variety fetched Rs 4,699-5,799, the root variety Rs 4,100-5,399. Out of 687 bags kept for sales, 567 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 4,149-5,740 a quintal, the root variety at Rs 4,050-5,199. Out of 768 bags kept for sales, 622 were sold.
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