Spot turmeric price dropped below Rs 6,000 a quintal on Tuesday as arrivals continue to flood markets. “The turmeric farmers were totally disturbed over the fast decreasing price of turmeric, and on Tuesday the commodity was selling at Rs 6,000 and below per quintal. This unbearable decrease is due to the heavy arrival of the turmeric and also no demand from North India,” said Mr R.KV. Ravishankar, President, Erode Turmeric Merchants Association. Out of arrival of 9,500 and odd bags 30 per cent of the stocks were sold.

He said, “For the past couple of days in the turmeric futures, prices are quoted very low and the price in other markets like Nizamabad and Sangli are very low. This has reflected in Erode and the buyers are quoting Rs 6,000 and below per quintal.”

First time in 2 years

For the first time in the last two years, the turmeric price declined to Rs 5,659/ quintal in Regulated Marketing Committee. The turmeric farmers were dejected over the price and few of the farmers confirmed the Tuesday price, sold their produce, remaining has taken back their turmeric to their villages.

The farmers said the Tuesday price is the lowest price experienced by them during this year. Some farmers said they are expecting the prices to go up in September, when they will sell their turmeric.

But the traders said only Rs 200-400/ quintal increase will be in September and the prices will not touch Rs 7,000/ quintal till the end of this year, as they said that all the turmeric farmers are having abundant stocks, and also in the next year they are expecting heavy production.

In Erode Turmeric Merchants Association, the turmeric decreased by Rs 550/ quintal, in Regulated Marketing Committee, the turmeric decreased by Rs 687/ quintal. In Erode Cooperative marketing Society and Gobichettipalayam Marketing Society also the turmeric showed a decrease of more than Rs 300/ quintal.

At the Erode Turmeric Merchants Association Sales Yard, finger variety was sold at Rs 4,299-5,899/ quintal, root variety Rs 4,001-5,466/ quintal.

Salem Crop: Finger variety was sold at Rs 6,039-6,819/ quintal, root variety Rs 5,176-5,696/ quintal. Totally 2,364 bags arrived for sale, 398 bags were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 4,699-6,096/ quintal, root variety Rs 3,336-5,590/ quintal. Out of 443 bags, kept for sales 423 bags were sold.

In the Erode Cooperative Marketing Society, finger variety was sold at Rs 5,096-6,096/ quintal, root variety Rs 4,900-5,689/ quintal. Out of 1,388 bags kept for sales, 1,299 bags were sold.

At the Regulated Marketing Committee, finger variety was sold at Rs 4,811-5,659/ quintal, root variety Rs 4,704-5,389/ quintal. Out of 732 bags kept for sales, only 340 bags were sold.

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