Heavy inflow dragged down turmeric by Rs 300 a quintal on Thursday.
“The price of turmeric had improved and reached Rs 5,000 a quintal on Monday, but within three days decreased to Rs 4,800 a quintal on Thursday. This is mainly due to heavy arrival of turmeric bags for sales. Further, exporters have not received orders and expect fresh orders only after February 10,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said because prices rose on Monday, farmers brought more quantities and on Thursday 15,000 bags arrived for sale, leading to a sharp fall in prices. Only 60 per cent of the arrivals were sold.
He said traders are expecting more arrivals next week. He said futures prices did not improve, so local traders quoting decreased price purchased some quantity. Even the hybrid variety fetched a lower price.
Farmers said that they are in need of money for further cultivation of the crop, so they are ready to sell at a lower price.
At the Erode Turmeric merchants Association Sales yard, the finger variety was sold from Rs 2,700 to Rs 4,618 a quintal and the root variety from Rs 2,611 to Rs 4,125.
Salem crop: The finger variety was sold from Rs 5,060 to Rs 5,409 a quintal and the root variety from Rs 4,198 to Rs 4,512. Totally 3,638 bags arrived for sale, out of which 1,610 bags were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold from Rs 4,589 to Rs 4,859 a quintal and the root variety from Rs 4,269 to Rs 4,459. Out of the 85 bags that arrived, only 39 were sold.