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Spot turmeric prices dropped by Rs 500 a quintal on Tuesday as demand petered out.
“With a fall in demand,bulk buyers quoted lower prices and even the hybrid variety droped Rs 500 a quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. Sales were also poor: out of an arrival of 9,000 bags, only 30 per cent of the stocks were sold.
The hybrid Salem crop, down Rs 500 a quintal, was sold at Rs 8,503 a quintal. At the Erode Cooperative Marketing Society, spot turmeric suffered a fall of Rs 310 a quintal and the sales were also poor. In the Regulated Market committee also, prices declined Rs 260 a quintal, due to poor quality.
Prices on the futures market also dropped, rubbing off on spot rates. Rains in North India discouraged placement of fresh orders. Buyers for North India quoted low and limited purchases were made to cater to local orders. Mr Ravishankar said prices will remain low for at least one week.
At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 5,199-8019 a quintal, the root variety Rs 5,099-7,295.
Salem Crop: The finger variety sold at Rs 7,785-8,503, the root variety Rs 6,611-7,811. Out of the total 2,367 bags that arrived, 348 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 6,746-7,839, the root variety Rs 6,209-7,199. Of the 119 bags that arrived, 91 were sold.
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