Erode, Feb 14 (PTI) Turmeric prices in the Erode markethave plunged following lack of orders from North Indiantraders.
The commodity, which was sold at Rs 11,294 per quintallast week, suffered a drop of about Rs 600 and sold at Rs10,649 per quintal today.
Traders put the drop in price down to lack of orders fromNorth Indian traders, who they said would traditionallyapproach the Erode market after dealing with the Nizamabadturmeric market in Andhra Pradesh.
But even accounting for the traditional lean period, thefall in prices was steep, they said. In 2010, turmeric pricesaw a peak of Rs 17,200 per quintal.
The traders said they expected a further decrease inprices.
Due to the prevailing prices, many turmeric farmers todayrefused to sell their produce for low rates. Out of 8,500 bagsof turmeric that arrived at all the four markets in Erode,only 30 per cent produce was sold today.
In Erode Turmeric Merchants Association sales yard,finger variety of the commodity was sold at Rs 7,529 to Rs10,649 per quintal, and root variety for Rs 7,796 to Rs 10,050per quintal.
In Erode Cooperative Marketing Society, finger varietyfetched Rs 9,256 to Rs 13,009 per quintal while root varietyRs 8,271 to Rs 10,503 per quintal.
In Gobichettipalayam Agricultural Cooperative MarketingSociety, finger variety was sold at Rs 8,889 to Rs 11,069 perquintal, root variety Rs 9,744 to Rs 10,050 per quintal. PTICOR ARP