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The price of spot turmeric decreased by Rs 150 per quintal on Friday.
“The turmeric farmers are reluctant to sell the yellow spice as they feel prices may appreciate after Pongal. But their predictions could well go wrong as the Mysore crop might arrive for sale, bringing down prices of all varieties even further. The current prices are reasonable. Further, the turmeric market will remain closed for four days for Pongal and will assemble again on January 18 (Wednesday),” said Mr T.K.V. Ravishankar, President, Erode Turmeric Merchants' Association.
On Friday, only 40 per cent of the 10,000 and odd bags that arrived for sale were sold. About 750 bags of the Mysore crop also arrived for sale. Bulk buyers purchased all the varieties on sale. The farmers expect prices might increase to Rs 5,500 per quintal after Pongal. But the traders are of the view that prices may decrease.
The farmers said they have more than one lakh bags of turmeric at Erode and have to dispose the stocks before the new crop arrives by the middle of February.
At the Erode Turmeric Merchants' Association, the finger variety was sold at Rs 3,417 to Rs 4,196 per quintal. The root variety quoted at Rs 3,309 to Rs 4,096 per quintal.
Salem crop: The finger variety was sold at Rs 3,689 to Rs 4,731 per quintal. The root variety was quoted at Rs 3,609 to Rs 4,270 per quintal. Of arrivals of 2,437 bags of turmeric, 1,002 were sold.
At the Gobichettipalayam Cooperative Marketing Society, the finger variety was sold at Rs 3,017 to Rs 4,219 per quintal and the root variety at Rs 2,700 to Rs 4,089 per quintal. Of the 153 bags kept for sale, 137 were sold.
At the Erode Cooperative Marketing Society, the finger variety fetched Rs 3,669 to Rs 4,241 per quintal and the root variety Rs 3,339 to Rs 4,119 per quintal. As against 1,258 bags available for sale, 888 were sold.
At the Regulated Marketing Committee, the finger variety was sold at Rs 3,889 to Rs 4,311 per quintal and the root variety at Rs 3,799 to Rs 4,218 per quintal. Out of 1,847 bags kept for sale, 1,406 were sold.
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