Bullish futures market lends colour to turmeric

| Updated on: Dec 16, 2013
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Due to the arrival of quality produce, spot turmeric prices increased on Monday.

“Prices of the hybrid finger variety increased by Rs 300 . Buyers quoted higher price for almost all varieties. Further, prices on the futures market increased by two per cent and on Saturday, too, they had increased by three per cent. Added to this, some traders and exporters have received fresh upcountry orders,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that current prices are higher than last year. However, demand for Erode turmeric is declining, so traders are quoting lower price.

The sale was very meagre and of the 2,000 bags that arrived, only 45-50 per cent was sold.

He expected the current trend to continue to prevail for another few days.

The price of the finger variety increased by Rs 200 a quintal in the Regulated Market Committee, Erode and Gobichettipalayam Cooperative Marketing societies.

At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 4,075-5,889 and the root a quintal variety Rs 3,874-5,369.

Salem Hybrid : The finger variety fetched Rs 5,168-6,634 and the root variety Rs 4,811-5,669.

Of the 599 bags that arrived, only 128 were sold.

At the Regulated Market Committee, the finger variety quoted Rs 5,269-6,123; the root variety Rs 4,869-5,919.

Of the 495 bags on offer, 482 were traded.

At the Erode Cooperative Marketing Society, the finger variety fetched Rs 4,989-6,009. The root variety was sold at Rs 4,629-5,569.

Of the 280 bags on sale, 257 found takers.

Published on December 16, 2013

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