The price of hybrid turmeric varieties dropped in the spot market while that of other kinds increased.
“The price of the hybrid variety has decreased by Rs 200 a quintal, whereas the price of other variety turmeric increased by Rs 100 a quintal. Farmers were distressed by the price fluctuation and some sold off the produce for want of money,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
The traders have received some lightning orders from North India, which have spurred demand for the spice. Out of the arrival of about 8,000 bags of turmeric, about 65 per cent of the stocks were sold. Due to arrival of good quality turmeric in the Regulated Marketing Committee, the prices rose by Rs 100 a quintal. The North Indian merchants watching the situation have placed some orders with Erode traders at the prevailing price. Bulk buyers and exporters made to tap this demand by purchasing a good number of bags and sending them off to North Indian towns.
Traders could not quote increased prices for the commodity for futures rules stable. Further, the farmers, realising the situation, brought very limited stocks for sales to the market.
At the Erode Turmeric Merchants Association Sales yard, finger variety was sold at Rs 3,400-4,469 a quintal, root variety Rs 3,616-4,489 a quintal.
Salem Crop: Finger variety fetched Rs 3,713-5,009 a quintal, root variety Rs 3,669-4,589 a quintal. Totally 1,911 bags of turmeric arrived for sales, of this 343 bags were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 3,656-4,616 a quintal, root variety Rs 3,589-4,610 a quintal. All the 352 bags kept for sales were sold.
At the Erode Cooperative Marketing Society, finger variety was sold at Rs 3,899-4,631 a quintal, root variety Rs 3,881-4,538 a quintal. Nearly 726 bags of turmeric were sold against the arrival of 785 bags.
At the Regulated Marketing Committee, finger variety was sold at Rs 4,099-4,739 a quintal, root variety Rs 4,009-4,579 a quintal. Out of 970 bags of turmeric arrived for sales, 934 bags were sold.
Meanwhile, Mr Ravishankar said there will be no auction sale of turmeric on Wednesday on November 30, due to a pooja at the Semmampalayam turmeric complex and the market will assemble on December 1.