Spot turmeric price plunged on Thursday following the arrival of huge stocks.
Turmeric farmers brought 11,000 bags turmeric for sale on Thursday and prices decreased by Rs 300 a quintal.
Further, only limited quantity of fine variety turmeric arrived for sale, so the exporters quoting decreased price purchased 50 per cent of the stocks”, said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
If the arrival increases, he said the prices may decrease further.
Most of the buyers prefer only the quality turmeric.
Turmeric futures remained unchanged. Growers said that they have to sell at least 50 per cent of their stocks before December-end.
Traders said almost after Diwali there would be no demand from North India and so they will purchase limited stocks after Diwali for local needs.
At the Erode Turmeric Merchants Association Sales yard, the finger verity sold at Rs 4,109-5,511, the root variety Rs 3,711-4,980.
Salem hybrid crop: The finger variety was sold at Rs 4,889-6,160, the root variety Rs 4,716-5,089.
Of 2,450 bags, 450 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 4,396-5,714 , root variety Rs 4,200-5,169. Of 1,827 bags, 1,569 were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 4,600-5,769, the root variety Rs 4,169-5,189. Of 1,102 bags, 1,062 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety fetched Rs 4,010-5,527, the root variety Rs 3,600-5,217. Of 427 bags, 384 were sold.