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The price of spot turmeric decreased by Rs 580 a quintal in the Regulated Market Committee and Rs 200 a quintal in other markets.
“Unexpectedly more than 9,000 bags arrived at the Erode turmeric market on Monday, the opening day. But the price decreased by Rs 200 a quintal and sales were below 50 per cent,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. He said farmers were shocked over the steep decrease in turmeric price.
He said, “Usually during this season, the arrivals at the turmeric market is low, but this year turmeric-grower farmers have brought huge stocks, which resulted in decline in prices”.
Farmers said bulk buyers, those in the export business, were quoting low price and were buying very limited stocks. The bulk buyers said the price quoted in the turmeric futures market on Monday was at low of Rs 7,050-7,130 a quintal and this has reflected in the local market. They said a further fall in price is expected in futures. They were quoting a low price and purchasing limited stocks, only for the orders received by them. They said they did not want to stock the produce.
In the Regulated Marketing Committee, price decreased by Rs 580 a quintal and is selling at Rs 6,406 a quintal. This is the lowest price fetched during this year for the finger variety. In Erode Cooperative Marketing Society, Erode turmeric merchants' sales yard and Gobichettipalayam Agricultural Cooperative Marketing Society, the prices declined by Rs 200 a quintal.
At the Erode Turmeric Merchants Association sales yard, finger variety was sold at Rs 5,009-6,806 a quintal, root variety Rs 4,839-6,076 a quintal.
Salem crop: The finger variety fetched Rs 6,391-7,636 a quintal, root variety Rs 5,204-6,650 a quintal. Totally, 2,432 bags arrived for sales, of which 406 bags were sold.
At the Gobichettipalayam Cooperative Marketing Society, finger variety was sold at Rs 5,569-6,860 a quintal, root variety Rs 5,269-6,219 a quintal. All the 320 bags kept for sales were sold.
At the Erode Cooperative Marketing Society, finger variety was sold at Rs 5,589-6,810 a quintal, root variety at Rs 5,575-6,160 a quintal. Out of 1,259 bags kept for sales, 1,134 bags were sold.
At the Regulated Marketing Committee, finger variety was sold at Rs 6,180-6,406 a quintal, root variety at Rs 5,490-6,090 a quintal. Out of 668 bags kept for sale, 510 bags were sold.
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