Spot turmeric prices fell by Rs 500-700 a quintal for want of demand on Thursday. But the price of root variety gained Rs 1,200 a quintal at the Regulated marketing Committee. Only a few bags of the root variety were sold.
“Turmeric traders did not receive any fresh orders for the past two days from other parts of India, so they kept away from buying. This has caused the drastic price reduction,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association, on Thursday.
“Bulk buyers could not get the price list as the Nizamabad market was closed and chose to quote low rates. Furthermore, turmeric futures remained low, triggering a fall in the spot prices, which lost about Rs 1,000 a quintal in two days.”
Heavy arrival also contributed to the decline in prices. Out of the 8,000 bags that arrived on Thursday, 2,000 bags were sold. Almost all of the new arrivals were sold.
At the Erode Turmeric Merchants Association's sales yard, the finger variety was sold at Rs 7,869-12,010 a quintal while root variety Rs 7,809-10,769 a quintal.
Salem crop-finger variety ruled at Rs 11,714-12,410 a quintal, root variety Rs 11,500 to-12,411 a quintal. Out of the arrival of 2,367 bags, 1,500 bags were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 9,569-12,106 a quintal, root variety Rs 9,125-11,900 a quintal. Only 17 bags had arrived and were sold.
At the Erode Cooperative Marketing Society, the finger variety (new crop) was sold at Rs 7,701-9,606 a quintal, the root variety Rs 5,001-7,930 a quintal.
Finger variety of old crop fetched Rs 9,150-12,112 a quintal. 333 bags had arrived out of which 321 bags were sold.
At the Regulated Marketing Committee, the finger variety ruled at Rs 9,686- 11,789 a quintal, the root variety Rs 9,669-11,599 a quintal. Arrivals stood at 698 bags, 495 bags were sold.