Agri Business

Heavy arrivals pound turmeric

Our Correspondent Erode | Updated on July 12, 2012 Published on July 12, 2012

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Spot turmeric prices decreased by over Rs 300 a quintal as arrivals increased on Thursday.

“For the past three days, prices were up due to low arrivals. The finger variety touched Rs 6,000 a quintal, but on Thursday prices decreased by Rs 100 a quintal at the Erode Turmeric Merchants Association Sales yard and Rs 480 a quintal at the Gobichettipalayam Cooperative Marketing Society. This is due to increased arrival of 7,700 bags. Further 95 per cent of the stock was purchased by stockists,” said a trader.

The decrease was due to the stockists quoting a lower price. “The current price will not continue for long and soon stockists will stop procurement. Then, prices will decrease, as no exporter has received fresh orders for the commodity.

After the third week of July, exporters will buy turmeric based on the orders they get,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

But some growers belonging to the All India Turmeric Growers Council said that the prices will certainly touch Rs 10,000 a quintal within 15 days.

Even the hybrid Salem crop price decreased by Rs 300 a quintal due to medium quality arrivals. At the regulated Marketing Committee, the price fell by Rs 200 a quintal.

At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 2,566 to Rs 5,064 a quintal and the root variety Rs 2,519 to Rs 4,756.

Salem Crop

The finger variety fetched Rs 5,669-6,029 and the root variety Rs 4,956-5,119.

Of the total arrival of 977 bags of turmeric, 674 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 5,279-5,710 and the root variety Rs 4,677-5,087. Some 1,192 bags were sold as against the arrival of 1,207.

At the Erode Cooperative Marketing Society finger variety was sold at Rs 4,639-5,969 and the root variety Rs 3,806-5,290. All 1,169 bags on offer were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,209-5,689 and the root variety Rs 3,005-4,869. All the 170 bags kept for sales were sold.

Published on July 12, 2012
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