Spot turmeric prices decreased by Rs 500 a quintal on Monday on subdued demand in Erode markets.

“The finger and root varieties of turmeric fetched Rs 500 a quintal lower than last week. This was due to decrease in demand from other parts of the country,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said: “The price quoted in the futures also saw a downtrend. Based on it, traders here quoted a lower price. The price of the produce in other centres also dropped by Rs 300-400 a quintal and it reflected in Erode.”

He said that the present season is a lean one and so the sales would be very minimum. On Monday, over 14,000 bags arrived for sale, but only 45 per cent of the commodity was sold.

Some farmers refused to sell the produce at the current price and said that they are ready to hold back the stock until the price touches Rs 10,000. Traders said the current price trend could continue for a couple of days. However, farmers fear that the price will further fall in the coming days.

At the Erode Turmeric Merchants Association Sales Yard, the finger variety was sold at Rs 7,250-9,269 a quintal and the root variety Rs 7,096-8,631.

Salem Crop: The finger variety fetched Rs 9,411-10,609 , the root variety Rs 8,491-8,891. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 7,869-9,619, the root variety Rs 7,210-8,900.

At the Regulated Marketing Committee, the finger variety was sold at Rs 8,581-9,234, the root variety Rs 7,699-8,319.

At the Erode Cooperative Marketing Society, the finger variety fetched Rs 7,889-9,222, the root variety Rs 7,863-8,469.

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