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Spot turmeric prices are likely to rule higher next week as exporters are looking to buy for meeting demand for upcountry buyers.
Traders said that exporters have received new orders, especially for the hybrid variety, from North India and on Friday, they quoted higher price for the produce on offer at all the four markets in Erode.
The demand was such that 70 per cent of the turmeric that arrived was sold. Prices increased with the hybrid variety rising by Rs 450 a quintal.
“Erode exporters have received fresh orders from North India About 50 tonnes of the hybrid Salem variety were sold for a higher price. Further, prices were up by 4 per cent in the futures market. This has given rise to the hope that prices may rise further,” said Mr Rajamanickkam, a dealer.
A farmer said that they brought only limited stocks for sale. Dealers said that prices may not top Rs 4,000 a quintal, as the turmeric sales have begun in a number of places. For example, the Kallakurichi area hybrid variety arrived here and fetched a good price. Hitherto, they sold it locally. Prices in the Nizamabad and Sangli decreased, on the other hand.
On Friday, 15,000-odd bags arrived for sales.
At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 2,239-3,791 a quintal and the root variety at Rs 2,209-3,499.
Salem Crop: The finger variety was sold at Rs 3,376 to Rs 4,989 and the root variety at Rs 3,291 to Rs 3,934. Of the 2216 bags that arrived, 1,304 were sold.
At the Regulated Marketing Society, the finger variety was sold at Rs 3,379 to Rs 3,856. The root variety Rs 3,319 to Rs 3,759. 1,219 bags of turmeric were sold as against the arrival of 1,394 bags.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 3,899-3,959 and the root variety Rs 3,169-3,799. All the 1262 bags kept for sales were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,139-3,846 and the root variety Rs 2,690-3,749. All the 272 bags of turmeric kept for sales were sold.
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