Turmeric prices weak till August
Sizeable carry over 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 of turmeric have started declining in the Erode turmeric market. Market sources told ET that on an average 10,000 bags of turmeric arrive at the market everyday. Though 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 last few months, prices plummeted and this week prices fell to Rs 1,950- 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% may strengthen the prices.
