Spot turmeric gained by Rs 200 a quintal on arrival of quality turmeric and stockists’ buying.
The hybrid variety increased to Rs 650.
“Due to arrival of quality produce, some local traders purchased along with stockists by quoting a higher price. Exporters purchased fine quality hybrid turmeric quoting an increased price of Rs 650-700 a quintal. Further after a month, arrivals increased to 2,500 and 70 per cent of the stocks was sold”, said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
Still, no upcountry order has been received by local traders and exporters.
As usual, most of the stocks were procured by stockists.
“We are expecting that next fresh order will be received by them only in the first week of November.”
Turmeric growers also said that they are keeping more than 12 lakh bags with them. It is not possible for them to sell all the stocks within two months time.
So, there will be a carryover stock of more than 10 lakh bags of turmeric next year when the new crop arriving for sale.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 4,041-5,431 a quintal, the root variety Rs 4,011-4,899.
Salem Hybrid crop: The finger variety was sold at Rs 5,485-6,219 and the root variety Rs 5,017-5,261.
Of the 629 bags that arrived, 25 per cent stocks were sold.
At the Regulated Marketing Committee, the finger variety fetched Rs 4,011-5,614 and the root variety Rs 4,011-5,310. Of the 1,226 bags, 1,093 were sold.