Dip in supply pushes turmeric price to Rs 16,000 per quintal in Erode

Source: The New Indian Express

ERODE: TURMERIC farmers in Erode are laughing their way to the bank as procurement price has increased by nearly three times this year, due to poor supply. According to sources, several farmers shifted to cultivating other crop as they got only around Rs 5,000-6000 per quintal last year. The resultant fall in production and demand-supply gap has pushed the price up to Rs 15,000 per quintal.

Erode is the turmeric hub of Tamil Nadu, with an average annual production of 22 tonnes. Apart from local production, turmeric is brought to Erode from other districts and states. Daily auction is held daily at Agricultural Producers Cooperative Marketing Societies at Gobichettipalayam and Karungalpalayam, regulated market at Perundurai and in the market owned by Erode Turmeric Merchants and Godown Owners' Association. The harvest/procurement season is from January to June, but has been delayed by a month this year.

M Sathyamurthy, secretary of the Erode turmeric merchants and godown owners association, said, "The procurement price went up right at the start of the season. Currently the price of fresh turmeric is Rs 16,400 per quintal. A week ago, it was Rs 15,000. The price for old turmeric is around Rs 14,500. There's no denying that it's a good price. Turmeric worth Rs 1 -3 crore is traded daily. "