Heavy arrival and decline in futures dragged spot prices of turmeric by Rs 900 a quintal on Friday. “The price of spot turmeric slid by Rs 900 a quintal due to heavy arrival of 13,000 bags for sale. Further prices in futures e decreased by 4 per cent in the morning as reflected in the placing of tenders by traders quoting lower price. But some of the farmers refused to sell their produce, as they are expecting prices to rise within three or four days”, said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
Out of the total arrivals only 60 per cent stocks was sold. Of this 90 per cent was procured by stockists. Exporters those who received orders, have fulfilled by purchasing in the last two or three days. Now they have purchased only negligible quantity. Stockists said that so far they have purchased minimum 500-750 bags.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 3,599-6,409 a quintal and the root variety at Rs 3,599-5,859.
At the Regulated Marketing Committee, the finger variety was sold at Rs 6,369-6,939; the root variety Rs 5,667-6,337. Of the 1619 bags arrived, 1,245 were sold.
At the Erode Cooperative Marketing Society finger variety was sold at Rs 5,350-7,372 , root variety Rs 5,212-6,444. All the 1,150 bags of turmeric kept for sales were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety fetched Rs 5,077-7,199, the root variety Rs 6,217-6,500. Of the arrival of 245 bags , 205 were sold.