Spot turmeric prices decreased by Rs 200-400 a quintal owing to lower price offered by stockists. “The decrease in price by 4 per cent in the turmeric futures has reflected in local market and buyers, mainly the stockists, have quoted decreased price for both the varieties. Further, demand for the root variety has increased and the order for the finger variety was stopped now. We are expecting fresh orders for finger and root varieties within a week’s time. Of the total arrival of 11,200 bags, 75 per cent of the turmeric has been procured by stockists”, said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said now the monsoon is active in Karnataka. So the turmeric sown in Gundelpet, Chamrajnagar and other areas in that State will get water. The yield will be high by next year. Similarly, the failure of monsoon and non-release of water in LBP ayacut will lead to the crop withering and so the stockists may procure more by quoting the prevailing market price of Rs 7,000 and odd a quintal. Bulk buyers said that they prefer high quality turmeric and so they are buying the same to export it to North India. They are expecting good orders from Kolkatta, Delhi and other places in North India.
At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 3,399-7,064 a quintal; root variety at Rs 3,299-6,161.
Salem Hybrid Crop: The finger variety fetched Rs 7,009-7,579 a quintal; root variety at Rs 6,255-6,617. Of the 1,701 bags that arrived , 901 bags were sold. At the Regulated Marketing Committee, the finger variety was sold at Rs 6,219-6941; root variety at Rs 5,889-6,499. Of the arrival of 1,397 bags, 1,294 bags were sold.
At the Erode Cooperative Marketing Society finger variety was sold at Rs 5,729-6,888; root variety Rs 5,611-6,780. Of the 1,220 bags, 1,089 bags were sold. At the Gobichettipalayam Agricultural Cooperative Marketing Society finger variety was sold at Rs 6,049-6,889; root variety at Rs 5,089-6,489. All the 108 bags of turmeric were sold.