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Spot turmeric price decreased by Rs 200 a quintal on Tuesday on lack of demand, especially from bulk buyers in North India. “Even the hybrid variety decreased by about Rs 500 a quintal due to want of demand for the crop. Prices have fallen as north Indian merchants have not placed any bulk orders in the past week,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.
While north Indian buyers are avoiding new orders because of falling prices, bulk buyers are purchasing to meet the demand of local spices factories, he said. Farmers, he said, refused to sell their produce at such low prices.
Only half of the more than 6,000 bags that arrived for sale were sold on Tuesday. At the Erode Turmeric Merchants Association sales yard, the finger variety decreased by Rs 270 a quintal and the hybrid variety by Rs 467 a quintal. At the Gobichettipalayam Agricultural Cooperative Marketing Society also, prices fell by Rs 100 a quintal. But the root variety has remained unchanged for the past month at Rs 5,000-6,000 a quintal. A fifth of arrivals were of the root variety, of which around half were sold. A few bags of quality produce that arrived at the Regulated Marketing Committee fetched higher prices.
In the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 5,089-6,536 a quintal and the root variety at Rs 4,911-6,036.
Salem Crop: The finger variety fetched Rs 6,574-7,169 and the root variety Rs 5,814-6,504. Out of the 1,516 bags that arrived, 398 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,027-6,769 and the root variety at Rs 4,399-6,155. Out of the 116 bags that arrived, 95 were sold.
At the Erode Cooperative Marketing Society, the finger variety fetched Rs 5,568-6,706 and the root variety Rs 5,363-6,316. Out of the 720 bags that arrived, 651 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 6,304-6,900 and the root variety at Rs 5,699-6,349. Out of the 917 bags that arrived, 843 were sold.
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