Heavy buying by exporters lifted spot turmeric on Tuesday. Exporters quoted higher for the root variety to fulfil orders placed by merchants in North India. The spice fell, however, in the futures markets by 4 per cent.

“Prices in the Erode Turmeric Merchants Association sales yard increased by Rs 360 a quintal, but fell by Rs 300 a quintal in the Regulated Marketing Committee,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said arrivals rose to 11,010 bags on Tuesday, and 70 per cent of the stocks was sold. Exporters purchased almost all the root variety stock at the higher price. He also said soon they may receive new orders for both the finger and the root varieties from North India, when the prices may increase slightly.

Traders said they were buying only the fine variety, as they may receive orders from North India for it. At the Erode Turmeric Merchants Association, the finger variety was sold at Rs 3,599-7,211 a quintal, the root variety at Rs 3,579-6,396 a quintal.

Salem hybrid crop: The finger variety was sold at Rs 6,411-7,509 a quintal, the root variety at Rs 6,111-6,570 a quintal. Of the 1,674 bags that arrived, 851 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 6,069-6,769 a quintal, the root variety at Rs 6,010-6,499 a quintal. All the 1,325 bags kept for sale were sold.

At the Erode Cooperative Marketing Society, the finger variety fetched Rs 5,799-6,969 a quintal, the root variety Rs 5,511-6,766 a quintal. Of the 1,060 bags that arrived, only four were rejected.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 4,489-7,219 a quintal, the root variety at Rs 4,489-6,589 a quintal. All the 136 bags kept for sale were sold.

(This article was published on August 7, 2012)
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