Steep decrease in turmeric price & sale

ERODE: The price of turmeric decreased by Rs 1,000 a quintal within a month in the private market and regulated market committee and sales were very poor.

Erode is noted for turmeric cultivation and sales. When turmeric sale started on Jan 2 this year, finger variety sold at Rs 6,527 a quintal in private market and Rs 6610 a quintal in Regulated Market Committee. More than 70 per cent of the 4,500 bags of turmeric which arrived at the market were sold, market sources said.

At the beginning of the year, there was good upcountry demand for the yellow spice, but absolutely nothing from North India, they said.

Slowly prices decreased and it was sold at Rs 6465 a quintal in the private market and Rs 6699 a quintal in Regulated Market committee.

In March prices increased to Rs 7,200 a quintal and in April it sold at Rs 8300 a quintal. But now it sells at Rs 6475 in the private market and Rs 6699 a quintal in Regulated market.

Daily arrival had come down from 14,000 bags a day last year to just 3000 to 4000 bags, they said, adding only 50 per cent stocks had been sold.

Though turmeric farmers have huge stock with them, only very limited stocks were brought, they said.

This year there was no turmeric sowing in the lower Bhavani Project, Kalingarayan ayacuts and other areas.

So farmers believe the price will touch Rs 10,000 and odd a quintal during the year end and Rs 15000 a quintal in 2014, as the production will be very low.

Traders are buying only the quality turmeric to fulfill their committed orders from Delhi and Maharashtra.

Stockists are buying huge stocks with an intention to sell it next year when prices may increase, R K V Ravishankar, President, Erode Turmeric Merchants Association said, adding that prices were decreasing as no exporter and traders have received upcountry orders. To add to this, prices had shown an downward trend online too, he said.

At Erode Turmeric Merchants Association sales yard, the finger variety sold at Rs 4199 to Rs 6475 a quintal, the root variety at Rs 4019 to Rs 5477 quintal.

Salem Hybrid Crop: The finger variety sold at Rs 5411 to Rs 7069 a quintal, root variety Rs 5391 to Rs 6391 a quintal.

At Regulated Market Committee, finger variety sold at Rs 5309 to Rs 6699 a quintal and root variety at Rs 5094 to Rs 5480 a quintal.

At Erode Cooperative Marketing Society finger variety sold at Rs 5,399 to Rs 6,809 a quintal and root variety at Rs 5,019 to Rs 5,811 a quintal.

At Gobichettipalayam Agricultural Cooperative Marketing Society finger variety was sold at Rs 5810 to Rs 7112 a quintal, root variety Rs 5319 to Rs 6238 a quintal.