Turmeric pales on lack of N. India orders

Our Correspondent
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Rain in North India affecting transportation and heavy arrivals pulled down spot turmeric prices on Friday.

The lack of freight movement forced exporters to refrain from buying as they are yet to receive new orders from North India. The rain has also forced them to postpone transporting stocks bought earlier.

“Stockists and exporters quoted a lower price after 13,500 bags arrived for sale. The finger variety fell by Rs 200-500 a quintal and the root variety by Rs 400 a quintal,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. Seventy per cent of the stocks was sold.

However, stockists bought over 8,000 bags. He said that in Erode District, after some parts received rainfall farmers have decided to sow turmeric, though it is late. That may reduce pricesfurther.

Only 25 bags of Salem hybrid turmeric arrived for sale, all of which were sold at a slightly lower price.

At the Erode Turmeric merchants Association Sales yard, the finger variety was sold at Rs 3,500-6,599 a quintal, the root variety Rs 3,339-6,164.

Salem hybrid crop: The finger variety was sold at Rs 6,814-7,500, the root variety at Rs 6,164-6,611. Of the 1,953 bags that arrived, 902 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 5,968-6,676, the root variety at Rs 5,801-6,299. Of the 1,811 bags that arrived, 1,538 were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,860-6,535, the root variety at Rs 5,668-6,199. Of the 1,119 bags that arrived, 1,080 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,780-6,689, the root variety Rs 5,732-6,169. All the 590 bags of kept for sales were sold.

(This article was published in the Business Line print edition dated August 11, 2012)
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