A bullish trend prevailed in turmeric markets here on Thursday with ‘very fine’ hybrid variety fetching as high as Rs 9,000 a quintal. Also, prices increased despite higher arrivals.
“Exporters who had to fulfil orders for ‘very fine’ hybrid variety quoted Rs 9,006 a quintal and purchased all the 148 bags that were up for sale. Prices of other varieties also increased by Rs 200 a quintal,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
The rise in prices had led to farmers bringing more turmeric to the markets. On Thursday, over 6,000 bags were brought for sale, up some 1,000 over Wednesday. Nearly 70 per cent of the arrivals was sold.
Traders and stockists are buying the turmeric quoting competitive price. At the Regulated Market Committee, due to arrival of quality turmeric, the price increased by Rs 350 a quintal.
Turmeric growers said that they expect prices to touch Rs 10,000 soon.
There is good demand for the hybrid variety in Delhi, encouraging traders to quote a higher price.
At the Erode Turmeric Merchants Association sales yard, the finger variety sold at Rs 4,699 -8,206 a quintal and the root variety at Rs 4,269-6,807.
Salem hybrid crop : The finger variety quoted at Rs 6,919-9,006, root variety Rs 5769 to Rs 7096 a quintal. Of the 1,739 bags that arrived, 60 per cent was sold.
At the Regulated Market Committee, the finger variety ruled at Rs 7,109-8,419 and the root variety at Rs 6,065-7,417. Of the 856 bags on offer, 733 found takers.
At the Erode Cooperative Marketing Society, the finger variety went for Rs 6,196-8,366 and the root variety at Rs 5,840-7,134. Of the 401 bags put up for sale, 358 got sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety sold at Rs 7,086-8,386 and the root variety at Rs 6,868-7,416. All the 241 bags on offer were sold.