Spot turmeric prices continued to decline as a higher production and huge stocks with growers cast a shadow on Erode markets. The futures market also ruled low, keeping the spot market under pressure.

“Prices of the powder variety Cora decreased sharply by Rs 300 a quintal on Wednesday and sold at Rs 3,100 -3,200 a quintal. Other varieties, mainly the fine variety one, sold at Rs 3,500-3,600. But the arrival of fine variety has decreased and traders are purchasing limited stocks of powder variety based on orders received from ‘Masala' firms,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that due to heavy production prices continue to decline. All sales centres are having abundant stocks of turmeric. Prices are unlikely to appreciate. the The current trend of price ruling below Rs 4,000 a quintal is likely to continue for another 1-2 months.

Growers said that they are still having plenty of stocks with them. Traders attributed Wednesday's fall to the arrival of over 14,000 bags. Some 14,200 bags arrived, but only 60 per cent were sold.

At the Erode Turmeric merchants Association Sales yard, the finger variety was sold at Rs 2,319-3,510 a quintal and the root variety Rs 2,199-3,399.

Salem Crop: The finger variety was sold at Rs 3,779-4,119 a quintal and the root variety Rs 3,199 -3,698 . Of 1,812 bags that arrived, only 650 were sold.

At the Regulated Marketing Committee, the finger variety fetched Rs 3,219-3,691 . The root variety earned Rs 3,189 -3,569. Of 1,557 bags that arrived, 1,388 bags sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 2,811-3,649 , the root variety at Rs 2,689-3,489. Around 1,135 bags were sold against the arrival of 1,172.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 2,689-3,651 , the root variety Rs 2,399-3,439. All 424 bags that arrived for sales were sold.

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