Spot turmeric prices slid as most of the stockists stayed away and the futures market turned weak. On the other hand, farmers refused to sell their produce at a lower price.
“Only few stockists have purchased by quoting a lower price on Monday . The finger variety was down by Rs 400-1,000 a quintal, while the root variety decreased by Rs 500 a quintal. Many stockists did not participate in the auctionas they felt prices may decrease further”, said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
Many farmers refused to sell below Rs 6,500 a quintal, so out of 9,800 bags that arrived only 55 per cent were sold. As usual stockists made the purchase. Bulk buyers who received fresh orders from the North have already procured some stocks and are waiting for fresh orders. At the Erode Turmeric Merchants Association sales yard, finger variety fetched Rs 3,339-6,674 a quintal, the root variety Rs 3,271-5,611.
At the Regulated Marketing Committee, the finger variety was sold at Rs 6,009-6,547, the root variety at Rs 5,403-6,068. Of the 1,069 bags 960 were sold. At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,316-6,374, the root variety at Rs 5,001-6,138.
Of the 1021 bags arrived, 961 were sold. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,369-6,489, while the root variety at Rs 4,116-6,089. All the 155 bags were sold.