Commodities

Futures market lends colour to spot turmeric

Our Correspondent Erode | Updated on April 06, 2011

BL07_COM2_TURMERIC

A rise in prices of futures contract lifted the price of spot turmeric in Erode on Wednesday.

“Turmeric growers were in a cheerful mood on Wednesday as the price of all the varieties of spot turmeric increased by Rs 400 to Rs 500 a quintal. This is due to the increase in futures,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants' Association.

He said: “The bulk buyers purchased the commodity by quoting Rs 400-500 a quintal to fulfil their committed orders. Further, arrivals were low on Wednesday, as the farmers expected prices to drop further, but in contrast to their expectations prices have improved.”

Mr Ravishankar also said prices may go up in the coming days as futures are improving and traders have limited stock which would not be enough to meet the orders obtained some days back. The Nizamabad market assembled Wednesday and based on the price and sales, spot prices in Erode may increase.

In the Erode Turmeric Merchants' Association, the finger variety was sold at Rs 7,600-9,709 a quintal and the root variety at Rs 7,111-9,211.

The finger variety in the Salem Crop fetched Rs 10,030-10,350, and the root variety Rs 9,006-9,611. A total of 3,610 bags arrived for sale, of which 397 were sold.

In the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 8,027-10,612 and the root variety at Rs 7,369-9,296. Of the 129 bags that arrived for sale, 77 were sold.

In the Erode Cooperative Marketing Society, the finger variety was sold at Rs 9,169-10,210 and the root variety at Rs 8,969-9,415. Of arrivals of 880 bags, 867 were sold.

In the Regulated Marketing Society, the finger variety was sold at Rs 9,849-10,187 and the root variety at Rs 9,165-9,485. All the 636 bags kept for sale were sold.

Published on April 06, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor