Agri Business

Turmeric drops despite trickling inflows

Our Correspondent Erode | Updated on January 21, 2011 Published on January 21, 2011

BL19_COM2_TURMERIC

Arrivals fell steeply at the Erode turmeric market on Tuesday, but prices dipped by Rs 500 a quintal as bulk buyers stayed away from buying.

Two hundred bags of number eight variety turmeric arrived from Chennampatty, Ammapet and Gobichettipalayam and fetched a maximum of Rs 12,500 a quintal. Three bags of Mysore variety that arrived sold at Rs 13,000 a quintal. Two hundred bags of unpolished new crop that arrived fetched only Rs 7,500-8,000 a quintal.

Bulk buyers were reluctant to buy turmeric on the spot as they expect prices to fall further and go below Rs 13,000 a quintal, said Mr R.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said: “Arrivals of new crop at the Nizamabad market have increased. About 2,000 bags arrived on Monday and a similar quantity arrived on Tuesday also. North Indian traders are buying the crop there and not placing any fresh order for Erode traders. This is another reason for the decreasing spot turmeric price.”

Traders expect the turmeric price to decrease on a daily basis. They say they cannot buy and stock under such circumstances.

On Tuesday, at the Erode Turmeric Merchants Association Sales Yard, the finger variety fetched Rs 9,099-14,611 a quintal and the root variety Rs 7,800-14,100 a quintal. Out of the 560 bags that arrived,113 were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 14,347-14,688 a quintal and the root variety Rs 13,869-14,316 a quintal.

All the 173 bags that arrived were sold. At the Regulated Marketing Committee, the finger variety fetched Rs 13,869-14,010 a quintal and the root variety Rs 13,469-14,161 a quintal.

All 347 bags that arrived were sold. Also more than a hundred bags of number eight variety turmeric arrived; bulk buyers bought it at Rs 12,150 a quintal to supply to traders from Bihar and Madhya Pradesh.

Published on January 21, 2011
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