Lack of new orders from North India pulled spot finger turmeric down by Rs 250-300 a quintal on Monday. In contrast, demand from Punjab lifted the quality root variety.
“The price of the finger variety was decreased by Rs 300 a quintal. Arrivals fell to 10,000-odd bags. We are expecting fresh orders by next week, when there are chances for improvement in price,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said an exporter purchased some quantity and local traders bought the spice to fulfil orders received from spices firms in Madurai, Chennai and some other places in Tamil Nadu. There was some demand from stockists, too.
Some days ago, a few farmers sold some stocks that they had bought when prices were below Rs 4,000 at Rs 6,300 a quintal, said traders. The hybrid Salem crop also decreased by Rs 700 a quintal due to medium quality.
At the Erode Turmeric Merchants Association, the finger variety was sold at Rs 3,719 to Rs 6,364 a quintal, the root variety at Rs 3,599 to Rs 6,017 a quintal.
Salem hybrid crop: The finger variety was sold at Rs 6,211 to Rs 6,794 a quintal, the root variety at Rs 6,025 to Rs 6,410 a quintal. Of the 1,531 bags that arrived, 856 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 5,716 to Rs 6,315 a quintal, the root variety Rs 5,529 to Rs 6,039 a quintal. Of the 1,789 that arrived, 1,462 bags were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,679 to Rs 6,529 a quintal, the root variety at Rs 5,329 to Rs 6,099 a quintal. Of the 975 bags that arrived, 945 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 6,069 to Rs 6,619 a quintal, the root variety at Rs 5,969 to Rs 6,186 a quintal. All the 277 bags kept for sale were sold.