Turmeric price increases by Rs 700 a quintal in five days

ERODE: The price of the turmeric has shot up by Rs 700 a quintal within just five days, trade sources said.

For the past few months, finger variety was being sold at Rs 7800 a quintal and the root variety at Rs 7400 a quintal. However today the price shot up to Rs 8500 and Rs 7,800 a quintal respectively.

R K V Ravishankar, President, Erode Turmeric merchants Association said such price increase was due to arrival of some quality turmeric for sale. Though traders have no upcountry demand, they are supplying it to Masala firms and Turmeric powder grinders.

Daily between 5,000 to 8,000 bags of turmeric arrive for sale. If arrival increases to 10,000 and above the price price may decrease, traders aid

Traders said that for the past one week arrival of quality turmeric has helped them buy more quantity. They are buying huge stocks as they expect good orders from North India

The finger variety sold at Rs 7829 on October 6 and Rs 8,589 a quintal in the Erode Turmeric Merchants Association.

The Root variety price has increased by Rs 350 a quintal as it sold at Rs 7855 a quintal compared to Rs 7555 a quintal that day.

In the Regulated market Committee and Erode Cooperative Marketing Society also, arrival of both varieties of turmeric increased substantially On Monday 5000 bags arrived for sale, of which 3100 were sold.

At the Erode Turmeric Merchants Association Sales yard, the finger variety sold at Rs 5599 to Rs 8589 a quintal and root variety at between Rs 5408 to Rs 7855 a quintal.

At the Regulated Market Committee finger turmeric was sold at a price range of Rs 7160 to Rs 8199 a quintal and root variety at Rs 6923 to Rs 7864 a quintal

At the Erode Cooperative marketing Society, finger turmeric was sold at Rs 7299 to Rs 8190 a quintal and Root variety at between Rs 7169 to Rs 7859 a quintal.