Spot turmeric prices on Monday dropped another Rs 500 a quintal in Erode on lower demand.

“Bulk buyers have virtually not yet received good orders from other parts of the country, so they are quoting lower price. They are also buying very little quantity Erode,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He further said: “The price of the turmeric is falling in Maharashtra and Andhra Pradesh. So buyers in North India are waiting for floating orders.”

This has reflected in spot market and prices in the last two sessions have crashed by Rs 2,000 a quintal. Prices have come down to Rs 8,000-9,000 a quintal against Rs 10,000-11,000 last week. Arrivals at Erode are also high and out of 20,000 and odd bags that arrived on Monday, only 40 per cent of the goods were sold.

High production

He said prices will be around this level for some more days. Similar arrivals will continue as the production during this year is high compared with last year.

A farmer said that they did not expect such a low price for turmeric. He expressed the hope that prices might improve soon.

Most of the farmers are refusing to sell at a lower price.

At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 6,966-9,204 a quintal and root variety Rs 6,460-8,864.

Salem Crop : The finger variety was sold at at Rs 8,369-10,598 and the root variety Rs 8,194-9209. Out of total arrival of 6,983 bags, 815 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 8,010-9,639 and the root variety at Rs 8,010-8,989. Out of arrival of 308 bags, 295 were sold.

In the Regulated Marketing Society, the finger variety was sold at Rs 8,899-9,339 a quintal and the root variety Rs 8,499-8,901. Out of arrival of 935 bags, 600 were sold.

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