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Turmeric prices dropped Rs 500-600 a quintal on Monday on lack of demand.
“Supply is more than the demand in Erode on Monday, so the price has come down by Rs 500-600 a quintal,” turmeric trader, Mr R.K. Viswanathan, said on Monday.
“Because of the low price, turmeric farmers are reluctant to sell their produce. However, the traders are expecting that the trend to continue till the first week of March.” On Monday, over 8,500 bags of turmeric arrived in markets, but sales were low — around 30 per cent.
“In Nizamabad, the unpolished finger variety is selling at Rs 90 a kg, whereas turmeric farmers in Erode are getting Rs 105 a kg for the polished variety. The price of root is low at Nizamabad and in Erode it is Rs 15 a kg more than the Nizamabad price. Arrivals in Nizamabad have increased as in Erode. Buyers at both places are hesitant as they feel that the price may fall further,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said that the Erode traders have not yet received orders from other places, so they are quoting lower prices but farmers not willing to sell. At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 7,529-10,649 a quintal, the root variety at Rs 7,796-10,050.
Salem crop : The finger variety fetched Rs 9,989-12,669, the root variety Rs 9,689-10,289. Around 2,485 bags arrived for sale, and 817 were sold.
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