Spot turmeric prices ruled steady on Wednesday even as growers continue to be reluctant in selling their produce below Rs 8,000 a quintal. In view of this, 35 per cent of arrivals were unsold in Erode markets.
“Some traders in North India placed meagre orders and bulk buyers made limited purchase to fulfil orders,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association, on Tuesday.
He said: “ Some growers, fearing prices may decrease further, sold stocks brought to the market at low rate.”
A grower said: “We did not expect prices to drop and expecting high price brought huge quantity. If we did not sell at current rates, stocks will pile up and with huge stocks likely to arrive in markets in the next couple of days, prices may fall further.”
Traders said prices will remain at this level for another few days. If arrivals increase, prices of both varieties will go down. But farmers said they will bring very limited stocks from next week to the market. On Wednesday, 8,200 bags arrived for sale and 65 per cent of them was sold.
Some farmers said: “We have to perform marriage for our children this year. We also need money for their children. If prices increase by another Rs 1,000 we will sell our produce”.
At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 5,349-7,499 a quintal, the root variety Rs 5,114-6,509.
Salem Crop : The finger variety was sold at Rs 6,869-8,839, the root variety Rs 6,210-6,769. Totally 3,029 bags (475 lots) were kept for sale and 520 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 6,769-8,016, the root variety Rs 5,169-6,989. All the 100 bags brought to the market were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 6,269-7,819. The root variety Rs 6,099-6,969. Of 1,067 bags kept for sale, 950 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 7,198-7,389, the root variety Rs 6,589-7,067. Out of 380 bags brought for sale, 318 were sold.