Economy

Turmeric may remain listless on higher stocks

Our Correspondent Erode | Updated on September 16, 2013 Published on September 16, 2013

BL17_COM2_TURMERIC

Turmeric prices continue to rule low despite lower arrivals as very little order has been received from North India.

Usually during this time, arrival in the market will be around 5,000 bags. But this year, due to poor demand buyers are buying very limited stock. So, growers, too, are bringing 2,500-3,000 bags daily. Last year during this period, the yellow spice was sold at Rs 6,300 and the hybrid at Rs 6,600 a quintal. But this year for want of demand, the traders are quoting a lower price and buying less, according to R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that during this time of the year, sales at Erode turmeric markets are poor.

Currently, traders and farmers are holding over more 30 lakh bags of turmeric with them. In addition, over 20 lakh bags of turmeric bags are with farmers and traders in various parts of the country.

About five lakh bags would be sold over the next few months. At the beginning of the next year, when the fresh arrivals begin, there will be around 50 lakh bags of turmeric in India. So, chances of sharp rise in turmeric prices are bleak. Next year, the production in Erode district will decline but the output in Andhra Pradesh and Maharashtra will be 20 per cent higher.

Growers said that the current price of Rs 5,500 a quintal is not feasible for them. On Monday, only 2,900 bags of turmeric arrived for sale and 50 per cent was sold. At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 3,511 -5564 a quintal; the root variety at Rs 3,269-5,011.

Salem Hybrid Crop: The finger variety was sold at Rs 4,599-6,114, the root variety at Rs 4,474 to Rs 5,395. Of the 545 bags offered on sale, 245 were sold.

At the Regulated Market Committee, the finger variety was sold at Rs 4,859-5,887 a quintal, the root variety at Rs 4,514 -5,119 a quintal.

Published on September 16, 2013
This article is closed for comments.
Please Email the Editor