Spot turmeric prices gained on Thursday as stockists continued to build inventories. Further, farmers, too, have begun to hold back their produce, hoping for market intervention by Tamil Nadu, Karnataka and Andhra Pradesh.

Mr Rajamanickkam, a trader, said: “Due to rumours that the Government will buy stocks at a good price, , stockists lifted a large quantity at a higher price.

“Further, arrivals have decreased to around 15,000 bags as farmers have decided hold back their produce at current price of Rs 3,500 and odd a quintal.”

About 65 per cent of the stocks that arrived were sold. He said that some farmers were expecting prices to move up in a week's time. “But prices will not touch Rs 4,000 a quintal in near future,” he said.

Some exporters purchased the root variety to cater to orders from Punjab and Delhi.

They also purchased the Hybrid Salem crop by quoting Rs 200 a quintal higher than Wednesday's.

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 2,350-3,739 a quintal and the root variety at Rs 2,310-3,609.

Salem Crop: The finger variety was sold at Rs 3,266-4,529 and the root variety at Rs 3,200-3.699.

Of 2,111 bags that arrived, 1,107 were sold. At the Regulated Marketing Committee, the finger variety fetched Rs 3,319-3,809 and the root variety Rs 3,269-3,649.

Out of arrival of 1,299 bags of turmeric, 1,249 bags were sold. At the Erode Cooperative Marketing Society, finger variety was sold at Rs 3,180-3.899 a quintal; root variety Rs 3,011-3,729. All 1,431 bags kept for sales were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,100-3,860 and the root variety Rs at 2,819-3,660. All 332 bags kept for sales were sold.

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