Rain in major turmeric crop growing States like Maharashtra and Andhra Pradesh has pushed up the demand for the bright yellow coloured Erode Manjal as the price of produce scaled to ₹12,600 a quintal after 12 years at the regulated markets here.
Turmeric is widely cultivated in the district and is known for its curcumin content that ranges from 2.5% to 4.5% and has obtained the Geographical Indication (GI) tag in 2019. Harvested turmeric are brought for auctioning to the four markets, Agricultural Producers Cooperative Marketing Society Limited in Gobichettipalayam and at Karungalpalayam in Erode, regulated markets at Perundurai, and the market in the turmeric market complex owned by Erode Turmeric Merchants and Godown Owners’ Association.
On July 3, the finger variety was auctioned between ₹6,129 a quintal and ₹8,099 a quintal, while the bulb variety was auctioned between ₹5,566 a quintal and ₹7,399 a quintal at the Erode Regulated Market. But, on July 14, the finger variety was auctioned between ₹8,569 a quintal and ₹12,609 a quintal, while the bulb variety was auctioned between ₹8,269 a quintal and ₹11,259 a quintal. “The price had gone up by ₹4,500 a quintal in a week,” said V.K. Rajamanickam, president of the Federation of All Trade and Industry Associations of Erode District.
Listing the reasons, he said, it rained heavily for a few days in Maharashtra, Andhra Pradesh, and Telangana damaging 40% to 50% of the turmeric that was ready for harvesting. Since turmeric was sold for less than ₹5,000 a quintal in the early part of the year, most of the farmers across the country had even sold their stocked turmeric seeds.
Also, export of turmeric has increased to 23 lakh bags, each bag weighing 50 kg, which is an increase of 33% when compared to last year. “Anticipating huge shortage till December 2024, the price of turmeric is on the rise,” he said.
Traders said that the price of turmeric last touched ₹10,000 a quintal in 2011 after which the average price was between ₹7,000 and ₹8,000 a quintal for many years. The reason for the drop in price was due to high productivity in other States, they added.
On Wednesday, finger variety turmeric was auctioned between ₹8,859 a quintal and ₹12,769 a quintal, while the bulb variety was auctioned between ₹8,589 a quintal and ₹11,809 a quintal at the Erode Regulated Market.
