Turmeric price declines

“The price of finger turmeric fell by ₹550 a quintal on Thursday; only poor quality turmeric is arriving in the market. In the beginning of the calendar year, the yellow spice was sold at ₹8,300 a quintal and, within a couple of days, it started decreasing; till the first week of April, the price continued to fall. The price again touched ₹8,200 a quintal and remained that way for one month, with slight ups and downs. Now, for the past three months, the price of the commodity has been steady at ₹7,000-7,500 a quintal. It now sells at ₹7,100 a quintal at the Erode Turmeric Merchants Association Sales yard, but the price at the Regulated Marketing Committee is ₹6,889 a quintal”, said RKV Ravishankar, President, Erode Turmeric Merchants Association. He said such decrease is due to the ‘zero’ upcountry demand for turmeric. He added for the past couple of months, the demand has not been good; there is no demand from North India. Added to this, the farmers have been bringing only poor quality turmeric; which the traders are buying for their local demand.

On Thursday, 2,400 bags of turmeric arrived for sale and, on an average, 65 per cent stocks were sold. The price of the finger turmeric fell to ₹550 a quintal at the Erode Turmeric Merchants Association sales yard, but at the Regulated Marketing Committee about 50 bags of finger turmeric were sold for ₹400 a quintal. At the Erode Turmeric Merchants Association Sales yard, the finger turmeric was sold at ₹5,569-7,169 a quintal. The root variety was sold at ₹5,308-6,659 a quintal. Out of 1,212 bags of turmeric placed for sale, 702 bags were sold. At the Regulated Marketing Committee, the finger turmeric was sold at ₹5,669-6,889 a quintal; the root variety was sold at ₹5,189-6,329 a quintal. About 563 bags of turmeric were kept for sale, of which 437 bags were sold.

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