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The price of spot turmeric showed a declining trend on Monday.
“After a three-day closure of the markets, only 1,500 bags of turmeric arrived on Monday. Traders are expecting fresh order within next few days,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.
The traders said that this year turmeric production fell but the farmers are stocking more than 20 lakh bags, with an impression that the price may go up to ₹10,000 a quintal. Hybrid finger turmeric prices fell on Monday by ₹300 a quintal, while the hybrid root variety by ₹100. Other varieties also dropped by ₹300 a quintal. Only 742 bags of the 1,500 bags were sold.
At the Erode Turmeric Merchants Association sales yard, finger turmeric was sold at ₹4,199-6,130 a quintal, root variety at ₹3919-5,837 a quintal.
Salem Hybrid: finger turmeric was sold at ₹5619-6,369 a quintal, root variety at ₹5489-6,200. Of the total arrival of 351 bags of turmeric, only 73 were sold.
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