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Spot turmeric prices increased on Monday as new buyers indulged in largescale buying in Erode markets.
“Many new buyers have started purchasing huge stocks of turmeric. So, prices are increasing on a daily basis. However, stocks do not get liquidated as stockists are building inventories. They will bring the produce back to the market when prices go up. For the past 20 days, no exporter or bulk buyer has shown interest as they feel ‘the present trend is not a healthy one’, and have not yet received any fresh orders from North India”, said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said there is no panic buying as the stocks are purchased only by stockists and not traders. He said that due to heavy rain in Andhra Pradesh, sales in Nizamabad have been affected. The futures have shot up to Rs 6,200 a quintal, which reflects in the local market. Stockists are quoting higher prices and indulging in largescale buying.
Mr Ravishankar said by the first week or in the middle of August, exporters will get orders from North India. Till then, there would be some fluctuations in the price. Further, if stockists stop buying, prices will drop.
On Monday, 5,700 bags of turmeric arrived for sale, 75 per cent of the stocks were sold, procured by the stockists. Price of the finger variety rose by Rs 600 a quintal and the root variety Rs 400 a quintal. The fine hybrid variety increased by Rs 150 a quintal. In the Gobichettipalayam Cooperative Marketing Society, the finger variety was sold at par with the hybrid Salem Crop.
At the Regulated Marketing Committee, the price of finger variety touched Rs 6,700 a quintal. At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 3,270-6,109 a quintal, the root variety Rs 3,119-5,365.
Salem Crop: Finger variety was sold at Rs 5,909-6,666 a quintal, while root variety was sold at Rs 5,366-5,806. Of the 783 bags that arrived, 451 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 6,139-6,719 , root variety at Rs 5,899-6,169. All the 617 bags of turmeric up for sale were sold. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,899-6,666 a quintal and the root variety at Rs 3,016-6,196. All the 214 bags on offer were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,367-6,699 a quintal and the root variety at Rs 5,309-6,009. All the 981 bags of turmeric kept for sales were sold.
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