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Spot turmeric prices decreased at the markets in Erode on Monday due to higher arrivals.
“4,500 bags arrived today, but the buyers quoted decreased price and purchased some turmeric bags for their local orders. We are waiting for Telangana CM K Chandrasekara Rao’s announcement over the procurement of turmeric by the State from farmers. If that happens, prices will go up,” said Rajamanickkam, a trader.
Of the arrival, 60 per cent was sold on average. Prices of finger turmeric were down by ₹450 a quintal at the Erode Turmeric Merchants Association and, by ₹200 at the Regulated Marketing Committee. Similarly, the root variety lost ₹200 in all the markets.
Krishnamurthy, another trader, said new Mysuru and Number 8 varieties will hit the markets during the end of January, while the local fine variety will arrive at the end of March.
Buyers may purchase those varieties in huge quantities.
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