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Spot turmeric prices decreased by Rs 200-500 a quintal on Monday.
“Because of the three-day Diwali holidays , farmers brought more than 17,000 bags of turmeric on Monday. Due to such heavy arrivals, the prices declined by Rs 200 a quintal. However, since good quality hybrid variety arrived for sale, those traders who quoted Rs 200 a quintal higher for the commodity purchased the produce. Still, farmers have retained more than 10 lakh bags of turmeric, and intend to bring them to the market”, said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said turmeric futures decreased by Rs 150 a quintal. This was reflected in the local market and traders quoted a lower price. Further, no new orders were received by traders from North India, so sales were about 45 percent of the arrivals. Due to poor sales, farmers were frustrated, he said.
Mr Ravishankar said turmeric prices decreased by Rs 500 a quintal at the the Erode Cooperative Marketing Society. At the Regulated Marketing Committee, sales were lower and the price declined by Rs 300 a quintal.
Over the past one week, turmeric prices have fluctuated between Rs 4,500 and Rs 5,500 a quintal, and it may move in this band for another month. If heavy arrivals are seen , then prices may decrease sharply.
At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 3,894-5,486 a quintal and the root variety at Rs 3,509-4,859 a quintal.
Salem crop: The finger variety fetched Rs 5,111-5,710 and the root variety Rs 4,861-5,200. Out of 3,915 bags that arrived, 806 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,452-5,359 and the root variety at Rs 3,569-4,810. Out of 388 bags kept ready for sale, 346 were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 4,111-5,106 and the root variety at Rs 4,204-4,999. Of the 1,722 bags that arrived, 1,339 were sold.
At the Regulated Marketing Committee, the finger variety fetched Rs 4,856-5,499 and the root variety Rs 4,106-4,689. Out of the 2,616 bags that arrived, only 1,255 bags were sold.
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