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Spot turmeric prices dropped by Rs 400 a quintal in Erode markets on Wednesday, leading to 70 per cent of the offerings going unsold.
“ No trader has received fresh orders for the last three days and so they are quoting a low price for spot turmeric. Frustrated over the steep fall of about Rs 400/quintal on Wednesday, turmeric grower farmers only sold their 30 per cent stocks,” said Mr R. K. V. Ravishankar, President, Erode Turmeric Merchants Association.
“For the current year also, expecting a heavy price for the yellow spice, many farmers have sown turmeric, and this will result in arrival of heavy stocks next year. So there is no basic reason for increasing the price of the turmeric.” He said last year due to low production of turmeric, it fetched upto Rs 17,500/quintal, but this because of the heavy arrival, the price decreased drastically. He is also of the opinion that till September there are no possibilities for increasing the prices. In other centres like Nizamabad and Sangli also, turmeric is selling at low price, so North Indian merchants have placed very limited orders with Erode traders.
At the Erode Turmeric merchants Association, turmeric decreased by Rs 400/quintal and even the hybrid variety decreased by Rs 100/quintal. In Gobichettipalayam Cooperative Marketing society, price decreased by 150/quintal. Similarly, the price decreased by Rs 250/quintal at the Erode Cooperative Marketing Society.
At the Erode Turmeric Merchants Association Sales yard, finger variety was sold at Rs 5,106-7,115/quintal and root variety Rs 4,819-6,119 .
Salem crop: Finger variety fetched Rs 6,809-7,639 , root variety, Rs 6,014-6,655 . A total of 2,583 bags arrived for sale, of which, 447 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 5,427-7,307, root variety, Rs 5,231-6,189. All the 139 bags kept for sale were sold.
At the Erode Cooperative Marketing Society, finger variety was sold at Rs 5,846-7,195, root variety, Rs 5,693-6,211. Out of the 1,168 bags that arrived, 1,100 were sold.
At the Regulated Marketing Committee, finger variety was sold at Rs 6,837-7,411, root variety, Rs 6,079-6,689. Out of the 761 bags, 548 were sold.
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