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Despite an increase in prices in the futures, turmeric prices on the spot decreased at Erode markets on Monday on slack demand and arrival of medium quality produce.
“Despite low arrival of 1,600 bags, the prices decreased. Traders quoted lesser price for the medium quality turmeric,” said RKV Ravishankar, a trader. He said till Diwali the price of the spice will be in declining state and only by the end of this month or first week of November they may get strong upcountry demand when the price may improve. Prices of finger turmeric were down ₹250 a quintal and that of root variety by ₹200. Few bags of finger turmeric in the Regulated Market were sold at ₹8,400 a quintal. At the Erode Turmeric Merchants Association, the finger variety went for ₹5,404-8,220; the root variety ₹5,255-7,355. Of the arrival of 789 bags, 187 were sold.
At the Regulated Marketing Committee, finger turmeric was sold at ₹7,094-₹8,400 and root variety at ₹6,814-7,375. Of the arrival of 267 bags, 233 were sold.
At the Erode Cooperative Marketing Society, finger turmeric was sold at ₹7,099-8,259; root variety at ₹6,899-7,409. Out of the 655 bags offered, 463 were sold.
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