Commodities

Tamil Nadu elections affect turmeric arrivals

Our Correspondent Erode | Updated on April 07, 2011

BL08_COM2_TURMERIC

A drop in arrivals of turmeric boosted spot prices in Erode markets by Rs 500 a quintal on Thursday.

“Suddenly, turmeric arrivals have dropped sharply. Because of this, the spot price has shot up by Rs 500 a quintal. The Salem crop has improved Rs 1,100. In two days, the price has increased Rs 1,000 a quintal. This is a welcome sign for the turmeric growers,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

“The Election to Tamil Nadu Legislative Assembly is fast approaching and so farmers do not want to keep money with them. They are bringing limited quantity of turmeric for the sales and are thus gaining. Farmers also do not want to take huge money with them after the sales because of the strict enforcement of Election Commission orders by the officials,” he said. Further, he said traders had expected heavy arrivals and steady prices. He said on Thursday 10,000-odd bags arrived for sale, of which 80 per cent wsa sold for ‘good price'.

Bulk buyers are also buying for their orders and sending them immediately to the north Indian towns to fulfill orders. Prices are steady in the futures and also in Nizamabad market.

Due to the Assembly elections and Tamil New Year's Day, the turmeric market will remain closed from Saturday and will resume on April 15.

In the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 7,836-10,286, root variety Rs 7,636 to Rs 9,586.

Salem crop: Finger variety fetched Rs 10,008-Rs 11,519, root variety Rs 9,117-9,686. Of the 3,843 bags kept for sale, 417 bags were sold.

Published on April 07, 2011

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