Agri Business

Turmeric futures down by Rs 300 in two days

Our Correspondent Erode | Updated on July 28, 2011 Published on July 28, 2011

BL29_COM2_TURMERIC

The price of the spot turmeric fell by Rs 100 to Rs 150 a quintal.

“The arrival of turmeric for sale has increased due to the increase in price on Wednesday. But on Thursday, the prices did not appreciated — no buyer quoted a higher price”, said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said, “In two days, there has been a decrease of Rs 300 a quintal in the turmeric futures, so bulk buyers are carefully quoting the price. The turmeric farmers — those who have huge stock — are now selling their produce, as they fear that the prices may fall further”. Meanwhile, more than 13,000 bags of turmeric arrived for sale, only 55 per cent of the stocks were sold. With the weekend coming up and some farmers showing their intention to sell turmeric at the present price, traders are expecting more arrivals on Friday.

The hybrid variety fetched good sales on Thursday, although other varieties saw reasonable amounts being sold. But in the Regulated Marketing Committee, the prices fell by Rs 300 a quintal and only 80 per cent of the stocks that arrived were sold.

At the Erode Turmeric Merchants Association Sales Yard, finger variety was sold at Rs 5,500 to Rs 7,429 a quintal, root variety was sold at Rs 5,319 to Rs 6,316 a quintal.

Salem Crop: Finger variety was sold at Rs 7,089 to Rs 8,141 a quintal, root variety at Rs 6,511 to Rs 7,014 a quintal. Totally 2,177 bags arrived for sales and 496 bags were sold.

At Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 5,799 to Rs 7,639 a quintal, root variety at Rs 5,389 to Rs 6,569 a quintal. All the 254 bags kept for sale were sold.

At Erode Cooperative Marketing Society, finger variety was sold at Rs 6,399 to Rs 7,599 a quintal, root variety at Rs 6,199 to Rs 6,739 a quintal. Out of 1,331 bags kept for sales, 1,278 bags were sold.

In the Regulated Marketing Committee finger variety fetched Rs 6,789 to Rs 7,139 a quintal, root variety at Rs 6,173 to Rs 6,751 a quintal. Out of 1271 bags kept for sale, 1,027 bags were sold.

Published on July 28, 2011
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