Turmeric gains on bulk buying

Our Correspondent Erode | Updated on June 24, 2011

Spot turmeric prices gained handsomely in Erode markets on Thursday as bulk buyers showed keen interest in hybrid fine varieties.

“For the hybrid variety, the bulk buyers have received orders from north India, purchased the Hybrid Finger variety Salem crop, by paying increased price. The Finger variety of Salem crop was increased by Rs 850 a quintal on Thursday. The purchased fine variety was immediately dispatched to North India,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He added that the local variety turmeric also improved by Rs 200 a quintal, due to receipt of local orders. The bulk buyers after watching other market reports and also the futures, quoting the prices cautiously and purchasing required limited stocks. They do not want to keep the stock with them, as the prices are fluctuating.

The price in Regulated Marketing Committee has increased by Rs 750 a quintal, due to arrival of good quality turmeric. Similarly, in Erode Cooperative Marketing Society also fine variety turmeric were sold for increased price. Overall, out of arrival of 7,500 bags, more than 65 per cent goods were sold.

Bulk buying traders said that because of rain in Maharashtra and other northern States, they are not receiving any enquiry from there and since they are depending only on the local orders, they are not able to quote heavy price for the commodity. The farmers said they are very much aware of the situation and that is why bringing limited goods for sale.

At the Erode Turmeric Merchants Association sales yard, finger variety was sold at Rs 5,180-7,585 a quintal, root variety Rs 5,001-6,675 a quintal.

Salem Crop: Finger variety fetched Rs 7,638-9,201 a quintal, root variety Rs 6,346-7,310 a quintal. Out of 2,026 bags kept for sale, 450 bags were sold.

At the Gobichettipalayam Cooperative Marketing Society, finger variety was sold at Rs 6,272-7,810 a quintal, root variety Rs 6,369-6,689 per quintal. All the 73 bags kept for sale, were sold.

At the Erode Cooperative Marketing Society, finger variety was sold at Rs 6,197- 7,899 a quintal, root variety Rs 5,860-6,969 per quintal. Out of arrival of 1,065 bags, 1,041 bags were sold.

At the Regulated Marketing Committee, finger variety fetched Rs 7,109-8,569 a quintal, root variety Rs 6,489-7,191 a quintal. Out of arrival of 479 bags, 465 bags were sold.

Published on June 23, 2011

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