Spot turmeric prices showed a decline in the four important markets here for the past 10 days, with a sharp fall of Rs 300 per quintal yesterday.
Overall the price decreased by Rs 1,300 per quintal over the past 15 days, merchants said. The four nationally popular turmeric markets received more than four lakh 65 kg bags from January till date.
R K V Ravi Shankar, President, Erode Turmeric Merchants Association said the markets were closed for 11 days from March 25 to April 4 for the local Mariamman festival.
The market will assemble only on April 5, he said.
He said turmeric production was almost double that of last year and that Mysore number eight varieties have already been harvested and brought for sale. Erode and Salem varieties are slowly arriving at the market, he said.
Prices of both varieties of finger and root were sold at Rs 17,000 per quintal in 2010, but heavy production this year resulted in the rate being 8,000 per quintal at the beginning of this year.
More From This Section
It gradually increasd and sold at between Rs 11,000 to Rs 12,000 per quintal in mid march, he said.
Demand for turmeric in North India has increased and bulk buyers purchased the same to fulfill orders. But traders are not ready to keep stocks as they feel prices may fall further.
But growers expect prices to go up and some farmers have kept them in stock, expecting more than Rs 12,000 per quintal.
In the private market, prices experienced a downward trend in the last four days. Yesterday, it was sold at Rs 7,619 to Rs 9,899 per quintal for finger variety, while the root variety fetched Rs 7,500 to Rs 9,104 per quintal.
In the Regulated Marketing Committee, finger variety was sold at Rs 8,850 to Rs 9,689 per quintal while Root variety was priced at Rs 8,789 to Rs 9,460 per quintal.