Spot turmeric drops with futures

Our Correspondent Erode | Updated on August 13, 2013 Published on August 13, 2013


Spot turmeric prices declined on higher arrivals and lack of demand in Erode markets.

The spot market also took cues from the futures market, where prices dropped below Rs 4,500 a quintal.

There is no upcountry demand and so traders and exporters quoted lower price.

They bought turmeric only to stock them, as they expect fresh orders in the next few days.

Traders are buying mainly quality turmeric, said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that arrivals increased to 5,900 bags on Tuesday and 65 per cent was sold.

Some exporters who have already obtained one or two orders from North India are now exporting them.

Farmers said that they are badly in need of money and therefore, they are bringing huge stocks to sell them at prevailing prices.

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 3,690-5,729, the root variety Rs 3,319-5,064.

Salem hybrid crop: The finger variety was sold at Rs 5,291-6,569, the root variety Rs 5,234-5,690.

Of the 1,401 bags that arrived, 706 were sold.

At the Regulated Market Committee, the finger variety was sold at Rs 4,869-5,766, the root variety at Rs 4,693-5,606.

Of 372 bags on offer, 338 found takers.

At the Erode Cooperative Marketing society, the finger variety was sold at Rs 4,910-5,819, the root variety was sold at Rs 4,309-5,527.

Of the 686 bags put up for sale, 630 were traded.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,247-5,919, the root verity Rs 4,577-5,287.

All the 77 bags were sold.

Published on August 13, 2013
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