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Spot turmeric prices continued to rise large scale purchase by stockists and traders fearing lower sowing of the crop this year.
“Last year more than one crore bags of turmeric were harvested, of which about 50 lakh bags were sold in seven months. Now due to adverse seasonal condition and failure of monsoon , the sowing has decreased and so we are expecting only about 50 lakh bags to come for sale next year. Calculating this, some stockists have procured huge stocks”, said traders and bulk buyers.
Traders also said that for the past couple of days they are getting orders from North India merchants – which is also the reason for price rise . Price in the Gobichettipalayam Coop Marketing Society increased by Rs 489 a quintal. At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,790-7,560 a quintal; the root variety at Rs 5,333-6,909. All the 1,300 bags were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,099-7,399; the root variety at Rs 5,089-6,759. All 180 bags on offer were sold.
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