Spot turmeric prices declined on Monday on the back of slack demand for the spice from North India.
“Farmers brought only 2,700 bags on Monday and traders procured only 50 per cent of the total arrival. The traders are having limited demand from North India and hence bought limited stocks,”said RKV Ravishankar, President, Erode Turmeric Merchants Association.
He said that the Nizamabad turmeric market reopened on Monday and 35,000 bags arrived for sale. The response was encouraging but prices did not appreciate and were at a par with Erode turmeric. Some farmers expect prices to rise by the last week of May. The price of the Salem Hybrid finger decreased by ₹50 a quintal due to arrival of medium variety hybrid turmeric. But traders quoted ₹200 more for the hybrid root turmeric due to quality. Only 100 bags of hybrid root variety arrived and were sold. At the Erode Turmeric Merchants Association sales yard, the finger variety fetched ₹5,199-7,129 a quintal; the the root variety ₹4,719-6,811.
Salem Hybrid: The finger variety sold at ₹6,129-7,614 and the root variety ₹6,039-7,211. Of the 718 bags offered for sale, 302 were sold.
At the Regulated Market Committee, the finger variety was sold at ₹6,366-7,149; the root variety ₹6,109-6,939. Of the 485 bags on offer, 476 were traded.
At the Erode Cooperative Marketing Society, the finger variety quoted ₹6,281-7,291 and the root variety ₹5,986-6,980. All the 687 bags found takers.