Indian turmeric trade: expected to return to normal in the next few weeks

With more than 60% of the turmeric processing and value-added product manufacturing plants resuming operations, the Indian turmeric trade was close to normal last Friday.

 Turmeric is grown on more than 7,500 hectares of land in the region, and its products are auctioned on the regulated markets of Semmampalayam in Erode County and Perundurai, Tamil Nadu, India, and through Agricultural producers ’cooperative marketing associations in Karungalpalayam, Rhode County and Gobichettipalayam, go to auction.

 Since the town of Gobichtipalayem is in an epidemic-controlled area, the market in this area has not yet been opened. The other three markets were opened on April 22. An average of 5,000 to 6,500 bags of turmeric arrive in these markets and are auctioned.

 K.V. Ravishankar, president of the Turmeric Traders and Shippers Association of Erode County, said that in the past 10 years, an average of 3,000 to 5,000 bags of turmeric arrived in the market in May. Last Friday, 3,300 bags arrived at the market.

There are more than 60 factories engaged in turmeric processing and value-added product production in the Erode County area, most of which have started operations in the past week. As more traders arrive, the market will soon return to normal. Once all the factories start to operate, the demand for turmeric will rise.

 During the auction process, if the farmers fail to get the right price, they will hoard their products in the warehouse and wait for the price to rise. Therefore, usually about 600,000 to 800,000 bags of turmeric are stored in the warehouse.

 Last Friday, in the regulated market in Rhode County, finger turmeric sold for Rs 5399-6888, while bulb turmeric sold for Rs 5269-6129.