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Spot turmeric prices decreased by Rs 350-500 a quintal in Erode on Wednesday.
“A downward trend for the commodity has started. Hereafter, every day the price may decrease gradually, as the season is ending,” said Mr R. K. Viswanathan, a senior trader.
He said: “Many farmers are reluctant to sell their produce at the current price and expect prices to rise. But prices will not appreciate now. The new crop will arrive in the market soon. In other centres such as Nizamabad, fresh crop has started arriving. So buyers will not prefer the old crop and quote low price for it.” At the Erode Turmeric Merchants Association sales yard, the finger variety sold at Rs 9,736-15,704 a quintal and the root variety at Rs 9,606-15,579 a quintal. Out of the 1,256 bags that arrived, 618 were sold.
At the Erode Cooperative marketing Society, the finger variety fetched Rs 14,611-15,589 a quintal and the root variety Rs 14,196-15,459 a quintal. Out of the 713 bags, 343 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 15,000-15,609 a quintal and the root variety at Rs 14,527-15,439 a quintal. All the 40 bags that arrived for sale were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 15,238-15,769 a quintal and the root variety at Rs 15,289-15,629. Out of the 938 bags, 652 were sold.
On the NCDEX, April contracts dropped Rs 104 to Rs 10,000 a quintal, while May slid Rs 112 to Rs 9,558.
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