Spot turmeric prices decreased in Erode due to lack of upcountry orders.

“Exporters are waiting for new upcountry orders; so they are staying away from buying. Local traders are buying quoting lower price for fulfilling their orders to the masala firms. Stockists have begun buying huge quantities.

“Already they are holding stocks of over 10 lakh bags and now they have decided to stock more,” said R.K.V. Ravishankar, President of the Erode Turmeric Merchants Association.

He said that the turmeric cultivation in 2012 was meagre and now, due to severe drought, no farmer is ready to grow turmeric. In fact, farmers have begun to stock up turmeric expecting prices to touch Rs 15,000 a quintal.

Farmers hope prices will go up and touch Rs 15,000 a quintal.

In all the three markets, prices decreased by Rs 180-220.

Due to lack of quality offering, the hybrid crop decreased by Rs 300. Of the arrival of 7,600 bags that arrived, 45 per cent of stocks was sold.

At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 4,519-8,207 a quintal; the root variety at Rs 4,090-6,519.

Salem hybrid crop: The finger variety was sold at Rs 5,611-8,885, the root variety at Rs 5,316-7,609. Of 1,787 bags on offer, 30 per cent found takers.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 6,212-7,659, the root variety at Rs 5,789-6,610. Of the 868 bags put up for sale, 801 got sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 6,229-8,159, the root variety Rs 6,091-7,041. Of 241 bags offered, 222 were sold.

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