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Spot turmeric prices increased marginally on higher demand from bulk buyers, especially on orders from North India.
“ Bulk buyers quoted a higher price for both finger and root varieties of turmeric, but they purchased heavily the root variety due to demand. The North Indian merchants will start their new account from Diwali and the retail buyers in North India also purchase from the traders there on Diwali day. So the North Indian merchants floated good orders from Erode traders who purchased the commodity, and dispatched the same immediately, as the product should reach the North Indian merchants before Monday evening, so that they can sell the produce on Diwali day,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said quality hybrid varieties of turmeric arrived for sale on Friday; the buyers quoted a rate of Rs 300 more for every quintal and purchased the same. All the hybrid varieties were sold. More than 13,500 bags of turmeric arrived for sale on Friday to the four markets, and around 70 to 75 per cent were sold, he added.
Mr Ravishankar said the market will assemble only on Monday, and after that it will remain closed for Diwali. Some turmeric farmers in need of money are selling their produce at the prevailing price, he said. If they sell the produce at the prevailing rates, then they will get a little profit, but make no loss . If the turmeric prices go down to below Rs 4,500 a quintal, they will incur loss.
At the Erode Turmeric Merchants Association Sales yard, finger variety fetched Rs 3009 to Rs 5509 a quintal, root variety Rs 3009 to Rs 4881 a quintal.
Salem Crop: Finger variety was sold at Rs 4511 to Rs 5549 per quintal, root variety Rs 4389 to Rs 5074 a quintal. Out of 3023 bags that arrived, 980 bags were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 4279 to Rs 5473 a quintal, root variety Rs 4369 to Rs 5299 a quintal. Out of 320 bags, 319 bags were sold.
At the Erode Cooperative Marketing Society, finger variety was sold at Rs 4999 to Rs 5600 a quintal, root variety Rs 4499 to Rs 5300 a quintal. All the 988 bags kept for sale, were sold.
At the Regulated Marketing Society, finger variety was sold at Rs 5119 to Rs 5709 a quintal, root variety Rs 4869 to Rs 5269 a quintal. Out of 1721 bags kept for sale, 1631 bags were sold.
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