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The spot market price of turmeric decreased by Rs 400 a quintal for want of demand.
“We expected the price to go down sharply as the market opened after 11 days. But the price decreased only by Rs 400 a quintal against the last sale. This was due to minimum demand from upcountry merchants,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association, on Tuesday.
The Erode turmeric market was closed for the local Mariamman festival and for Telugu New Year (Ugathi). The market opened on Tuesday.
“On Tuesday about 15,000 bags of turmeric arrived for sale, but only 60 per cent was sold. Traders expected prices to fall sharply. But there was decrease of only Rs 300 to Rs 400 a quintal. The farmers expected good sale, but the sales were poor,” said Mr Ravishankar.
Salem crop decreased Rs 1,000 a quintal. The crop sold at Rs 11,369 a quintal on March 24 when the market was closed, but it was sold at Rs 10,309 a quintal after 11 days closure.
In the futures market, he said, turmeric was quoted at Rs 10,200 a quintal. If the price in futures improves, spot price will certainly go up. He expected prices to remain where they are for at least 15 days.
A turmeric farmer said, “If the price goes below Rs 10,000, we will not sell the produce but will stock them. We will sell the produce when the prices improve.”
In the Erode Turmeric Merchants Association sales yard, finger variety was sold at Rs 7,011 to Rs 9,466 a quintal, root variety at Rs 6,734 to Rs 8,859 a quintal.
Salem Crop
Finger variety was sold at Rs 9,103 to Rs 10,309 a quintal, root variety at Rs 8,609 to Rs 9,200 a quintal. Out of arrival of 5,817 bags for sale, only 882 bags were sold.
In the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 7,010 to Rs 9,919 a quintal, root variety found buyers at Rs 6,110 to Rs 8,869 a quintal. Out of 336 bags kept for sale, 207 bags were sold.
In the Erode Cooperative Marketing Society, finger variety was sold at Rs 7,800 to Rs 9,903 a quintal, root variety at Rs 7,365 to Rs 8,995 a quintal. Out of arrival of 1,132 bags, 1,013 bags were sold.
In Regulated Marketing Society, finger variety fetched Rs 9,069 to Rs 9,789 a quintal, and root variety Rs 8,960 to Rs 9,285 a quintal, out of 984 bags kept for sale, 850 bags were sold.
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