Turmeric prices dip as demand dries up
Sizeable carryover stocks and sluggish demand from the domestic market may keep turmeric prices weak till August.
By Gayathri G, TNN |
COIMBATAORE: Sizeable carryover stocks and sluggish demand from the domestic market may keep turmeric prices weak till August.
Farmers cultivating turmeric are worried about the falling price of the crop, which is raised on about 25,000 acres in Erode district. The prices of the root and finger variety turmeric have started declining in the Erode turmeric market.
Market sources said that on an average 10,000 bags of turmeric arrive at the market everyday. Though the prices are not favourable, farmers are selling the product. Annually more than seven to eight lakh bags of turmeric (each bag weighs 75 kg) will be sold in the market.
In the past few months, the prices plummetted and this week the prices fell to Rs 1,950-Rs 2,050 a quintal from last month's Rs 2,400/quintal. Existing stocks of turmeric in the Erode market is on the rise with sluggish demand from international market owing to summer holidays.
Terming it a seasonal fall, turmeric traders felt that only fresh demand of about 50-60 per cent may strengthen the prices.
Farmers cultivating turmeric are worried about the falling price of the crop, which is raised on about 25,000 acres in Erode district. The prices of the root and finger variety turmeric have started declining in the Erode turmeric market.
Market sources said that on an average 10,000 bags of turmeric arrive at the market everyday. Though the prices are not favourable, farmers are selling the product. Annually more than seven to eight lakh bags of turmeric (each bag weighs 75 kg) will be sold in the market.
In the past few months, the prices plummetted and this week the prices fell to Rs 1,950-Rs 2,050 a quintal from last month's Rs 2,400/quintal. Existing stocks of turmeric in the Erode market is on the rise with sluggish demand from international market owing to summer holidays.
Terming it a seasonal fall, turmeric traders felt that only fresh demand of about 50-60 per cent may strengthen the prices.
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