Turmeric drops as arrivals swamp markets

Spot turmeric prices decreased Rs 300 a quintal on Tuesday on heavy arrivals of over 17,000 bags in Erode markets.

“We are having only five more market working days during the month of March and the buyers are very ‘cautiously' buying the product . Buyers are expecting further drop in the price of spot turmeric,” said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association, on Tuesday.

Sales low

He said: “The Nizamabad market opened on Tuesday and over 20,000 bags arrived there, so the prices in Erode market may come down in the next few days. Sales will improve in Nizamabad within a couple of days. Because of this trend, local buyers are quoting lower price.”

Mr Ravishankar said due to heavy production, the growers have been bringing huge stocks, but sales are very low. On Tuesday only 55 per cent of the stocks were sold. Farmers expect a minimum price of Rs 12,000 but as prices are declining they are not willing to sell. Traders are expecting the prices to go drop further.

In the Erode Turmeric Merchants Association, the finger variety fetched Rs 7,899 to Rs 10,469 a quintal, and root variety, Rs 7,500 to Rs 9,999.

Salem Crop

The finger variety was sold at Rs 10,219 to Rs 11,870 a quintal, root variety, Rs 10,000 to Rs 11,650 a quintal. Out of the 7,089 bags that arrived, only 715 bags were sold.

In the Gobichettipalayam Agricultural Cooperative Society, the finger variety was sold at Rs 8,610 to Rs 10,629 a quintal, root variety, Rs 8,110 to Rs 9,896 a quintal. Out of the total 214 bags kept for sale, 199 bags were sold.

In the Erode Cooperative Marketing Society, the finger variety fetched Rs 9,149 to Rs 10,729 a quintal, root variety, Rs 9,356 to Rs 10,099, a quintal. Out of the 702 bags that arrived for sale, 674 were sold.

In the Regulated marketing Committee, the finger variety was sold at Rs 9,586 to Rs 10,609 a quintal, root variety, Rs 9,560 to Rs 10,109 a quintal. Out of the 1,483 bags kept for sale, 1,355 were sold.

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