Turmeric pales as bulk buyers turn cautious

Our Correspondent Erode | Updated on June 21, 2011


Spot turmeric prices fell Rs 150 to Rs 200 a quintal on Tuesday as bulk buyers were cautious in the face of limited orders.

“Turmeric sales were encouraging on Tuesday, despite poor price. Only medium quality turmeric is arriving in the market,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

Bulk buyers are getting only limited orders from North India and are buying and dispatching immediately. No trader is ready to hold the stock, as they fear price fluctuation. On Tuesday, 7,120 bags arrived in the market. Of this, 5,020 bags were sold.

Traders said price fluctuation will remain till end of July in spot turmeric.

In the Erode Marketing Society, only high quality turmeric arrived and prices increased Rs 275 a quintal. In contrast, prices in the Regulated Marketing Committee declined Rs 350 a quintal, due to quality.

Farmers said they were holding medium and low quality turmeric and are selling it for the price quoted by traders. They said they did not want to keep any stock, as they are expecting heavy arrivals next year also.

At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 5,209-7,961 a quintal, the root variety Rs 5,100-6,565.

Salem Crop: The finger variety was sold at Rs 7,319-8,611. The root variety ruled at Rs 6,316-7,209. Of 2,025 bags that arrived, 300 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 6,472-8,001, the root variety Rs 5,739-6,889. All 85 bags kept for sale were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,719-7,966, the root variety Rs 5,209-6,616. Of 994 bags that arrived, 956 were sold.

At the Regulated Marketing Committee, finger variety fetched Rs 7,219-7,779, the root variety Rs 6,199-6,639. Of 270 bags, 248 were sold.

Published on June 21, 2011

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