Spot turmeric prices ruled stable despite poor arrivals.

“Traders are holding some stock to fulfil immediate orders, if any received, but are not buying heavily as prices are declining every day for want of demand,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association, on Wednesday.

“No trader or bulk buyer has received order from north Indian merchants and also from firms in North India. So bulk buyers just visit the market but do not buy. June and July months are lean season for turmeric sales. Everyone is expecting that only August onwards, sales will improve and also prices may go up.”

Some traders said they have received very negligible orders from Gujarat, but now the rain started there, so they are not able to despatch the goods. But some quantities are being sent through train. On Wednesday, 4,500 bags of turmeric arrived for sale, 60 per cent of them was sold. Buyers purchased to fulfil the orders received from masala product manufacturers. Sales at the Regulated Marketing Committee is poor, only 153 bags were sold out of 411 bags. Traders said most of the turmeric arrived are degraded variety, so only a few buyers purchased.

Turmeric growers said that the present price of below Rs 8,000 a quintal is not viable for them. They said this year, too, farmers intended to sow turmeric heavily expecting good price in the last quarter of the year and also next year.

Salem crop : The finger variety was sold at Rs 7,709-8,659 per quintal, the root variety Rs 6,009-6,836. Totally, 1,734 bags were received for sale but only 250 were sold.

Related Topics
comment COMMENT NOW