Turmeric gains on poor inflows

Our Correspondent Erode | Updated on June 02, 2011


Spot prices of finger and root turmeric varieties increased by Rs 200 a quintal on Thursday in Erode markets on low arrivals.

“Only 7,000 bags arrived on Thursday and buyers to fulfil local orders purchased limited stocks. Though many traders participated in the auction, only a few purchased,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. Totally 70 per cent of the stocks were sold.

He said: “Almost all the old turmeric stocks have been sold by farmers and also traders. Only fresh crop, harvested in February and March are arriving in the market. Now, no trader is bold enough to stock the turmeric, as the prices are volatile. We think that only after August prices may improve.”

At the Regulated Marketing Committee, the spot turmeric increased by Rs 500 a quintal. Traders said due to poor arrival, the prices have increased.

They said that still the price of the commodity in other markets such as Nizamabad and Sangli were lower. Bulk orders are not yet being received from anywhere in the country. Farmers, too, are hesitating to bring more quantity.

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 5,885-7,689 a quintal. The root variety quoted at Rs 5,500-6,889.

Salem crop: The finger variety fetched Rs 7,199-8,889, the root variety Rs 6,166-7,339. Out of arrival of 2,875 bags (440 lots), 420 were sold.

At the Gobichettipalayam Agricultural Marketing Society, the finger variety was sold at Rs 6,639-7,629, the root variety Rs 6,539-7,069. All the 163 bags kept for sale were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,599-7,696 a quintal, the root variety Rs 5,666-6,968. Out of arrival of 495 bags, 480 were sold.

Published on June 02, 2011

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