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Spot turmeric price increased by Rs 250 a quintal on Wednesday with rates rising as high as Rs 600 a quintal at the Regulated Marketing Committee. The rise was on account of farmers bringing limited stocks to the market.
“Farmers who know the impact of bringing huge stocks brought very limited quantity to the market and benefited by Rs 250-350 a quintal. Prices at all the four markets in Erode increased. Because of the slight increase, farmers were happy, but still traders awaited fresh orders from north Indian merchants,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said only 4,600 bags of turmeric arrived for sale and 60-70 per cent of the stocks were sold. Because of such low arrival, traders quoted an increased price. “The present increase is only a temporary one. Till the end of October such fluctuation will be experienced and certainly prices will not appreciate heavily like last year due to heavy production. Further, the production will be higher than this year,” said Mr Ravishankar.
Due to the arrival of very good quality turmeric, prices increased by Rs 600 a quintal in the Regulated Marketing Committee. Only some bags were sold for such a high price.
At the Erode Turmeric merchants Association sales yard, the finger variety was sold at Rs 3,509-4,766/quintal, the root variety Rs 3,310-4,266.
Salem Crop : The finger variety was sold at Rs 4,600-5,200, the root variety Rs 4,124-4,715. A total of 1,116 bags arrived for sale and out of this, 391 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,899-4,772, the root variety Rs 2,569-4,069. All 26 bags that arrived for sales were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 3,636-4,838, the root variety at Rs 3,719-4,299. All 465 bags kept for sales were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 4,668-5109, the root variety Rs 4,034-4,519. Out of the 927 bags that arrived, 853 were sold.
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