Spot turmeric prices increased in Erode markets on Wednesday as demand from north Indian traders and stockists started to pour in. “Expecting the price of the spice to cross ₹10,000/quintal within the next few days, stockists have started buying heavily. On Wednesday, they procured over 2,000 bags. Meanwhile, traders have received some upcountry demand and bought quality turmeric at a higher price,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.
He said that arrivals have increased to 6,800 bags and 70 per cent was sold. Buyers are interested in quality turmeric and they procured all the 380 bags of hybrid turmeric that arrived. The price of the hybrid finger was down ₹200 a quintal, while that of other varieties were unchanged.
At the Erode Turmeric Merchants Association sales yard, the finger variety fetched ₹5,119-7,294; the root variety ₹4,796-7,391 a quintal.
Salem Hybrid: The finger variety was sold at ₹6,314-8,666 and the root variety ₹6,009-7,675. Of the 1,817 bags that arrived, 1,190 bags were sold.
At the Regulated Market committee, the finger variety quoted ₹6,508-7,569 and the root variety ₹6,499-7,269. Of the 1,301 bags put up for sale, 1,191 were traded.
At the Erode Cooperative Marketing Society, the finger variety turmeric was sold at ₹6,551-7,519; the root variety ₹6,399-7,316. All the 494 bags found takers.