The uptrend in the turmeric futures market lifted spot prices at Erode on Wednesday. The turmeric futures contract expiring on December 20 gained 3.98 per cent on the NCDEX to close at 6,008 on Wednesday.

“Traders have started buying turmeric quoting a slightly higher price. This increase in Turmeric Futures is due to reports that the Andhra Pradesh Government will declare a Minimum Support Price (MSP) for Turmeric. Traders feel if it is declared the price of turmeric may improve in Erode,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.

On Wednesday, 1,400 bags of turmeric arrived for sale. Much of the turmeric is in poor condition, so traders purchased almost all medium-quality turmeric and a few bags of the good stuff from the arrivals. Eventually, nearly 70 percent of the turmeric that arrived was sold.

At the Erode Turmeric Merchants Association Sales yard, finger turmeric was sold at ₹5,556-₹6,449 a quintal, while the root variety went for ₹,5329 to ₹6,116 a quintal. Of the arrival of 914 bags, 313 bags of turmeric were sold.

At the Regulated Marketing Committee, finger turmeric was sold at ₹5,759-₹6,731 and the root variety sold for ₹5,290-₹6,239. Of the arrival of 198 bags, 163 were sold.

At the Erode Cooperative Marketing Society, finger turmeric was sold at ₹5,729 to ₹6,624 a quintal, while the root variety was sold at ₹5,014-₹6,333 a quintal. Of the arrival of 425 bags 407 bags of turmeric were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger turmeric was sold at ₹4,518-₹5,809 a quintal, while the root variety was sold at ₹4,100-₹5,559 a quintal. Of the arrival of 221 bags of turmeric, 160 were sold.

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