Buying spree lights up turmeric

Spot turmeric had a surprise in store on Thursday when the prices increased by Rs 200 a quintal.

“The price of spot turmeric improved by Rs 200 a quintal on Thursday suddenly and without any expectation . This may be due to the buying interest shown by the bulk buyers to fulfil their committed orders,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

“The price quoted in the futures also increased, and prices of both varieties of turmeric in other centres in North India also increased. The increases were reflected here and buyers quoted higher price lapping up 70 per cent of the turmeric that arrived. About 12,000 bags arrived on Thursday.”

Buyers who received local orders purchased a reasonable quantity and immediately disposed it of. The market will be closed on Friday due to counting of votes.

Buyers were on a purchasing spree. Many farmers, who were expecting a decrease in price and brought limited quantity, benefitted as demand rose.

At the Erode Turmeric Merchants Association Sales Yard, the finger variety was sold at Rs 7,159-9,369 a quintal and the root variety at Rs 7,090-8,286. Salem Crop: The finger variety fetched Rs 9,169-9,989, the root variety fetched Rs 8,179-8,811. Out of the arrival of 3,570 bags, 650 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 7,237-9,569, the root variety at Rs 7,626 to Rs 8,537.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 8,511-9,430, the root variety at Rs 8,099-8,177. Out of arrival of 758 bags, 740 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 8,891-9,417, the root variety Rs 7,779-8,877. Arrivals were 1,190 bags and 1,144 were sold.