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Spot turmeric prices dropped Rs 1,000 a quintal in Erode markets on Wednesday on heavy arrivals of 12,000 bags.
At the Regulated Marketing Committee, prices dropped due to want of demand, said traders.
“Many farmers expecting good prices brought higher quantities to the market. But buyers, without fresh orders from North Indian towns quoted low rate. Because of this, the price of the turmeric decreased by Rs 350 per quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
On Thursday and Friday the markets will be closed for Mahasivarathiri and weekends are usual holidays. Only 35-40 per cent of the arrivals were sold.
Mr Ravishankar said arrivals would be heavy arrival when the markets open on Monday and prices could come under further pressure.
At the Regulated Market Committee, the finger variety was sold at Rs 10,317-11,827 a quintal and the root variety at Rs 10,099-11,827. Out of 859 bags that arrived for sale, only 609 were sold. At the Erode Turmeric Merchants Association Sales yard, the finger variety ruled at Rs 7,98912,098 and the root variety at Rs 7,501-11,555.
Salem Crop: The finger variety sold at Rs 10,969-13,010, the root variety Rs 10,689-12,500. Out of arrival of 4,925 bags, only 1,002 were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 9,511-12,860 and the root variety Rs 9,501-11,027 a quintal.
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