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Spot turmeric prices ruled low on Tuesday in Erode markets due to lack of demand.
“Only a couple of upcountry demands have been received by a few traders and so the price of the spot turmeric remains at ₹6,400-6,500 a quintal. On Tuesday, of the4,600 bags that arrived, 2,260 were sold”, said RKV Ravishankar, President, Erode Turmeric Merchants Association.
Some traders said that many farmers are holding back turmeric, expecting that it will touch ₹8,500-9,000 a quintal in August or September.
On Tuesday, the price of hybrid turmeric increased by ₹100 a quintal and the other varieties by ₹150.
At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at ₹4,369-6,429, the root variety ₹4,011-6,099.
Salem Hybrid: The finger turmeric was sold at ₹5,866-7,261, the root variety ₹5,699-6,419. Of the 1,090 bags on offer, 189 were sold.
At the Regulated Market Committee, the finger turmeric was sold at ₹5,599-6,565, root variety ₹5,559-6,249. Of the 554 bags put up for sale, 465 were picked up.
At the Erode Cooperative Marketing Society finger turmeric was sold at ₹5,589-6,599, the root variety ₹5,589-6,299. All the 1,183 bags found takers.
At the Gobichettipalayam Agricultural Cooperative Marketing Society finger turmeric was sold at ₹5,890-6,459, the root variety ₹5,719-6,209. Of the 502 bags that arrived, 428 were traded.
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