Commodities

Fears of higher arrivals pound turmeric

Our Correspondent Erode | Updated on February 28, 2011

Turmeric being weighed and packed in gunny bag at a whole sale outlet at Kochi. (File photo): K K Mustafah   -  Business Line

Turmeric prices declined on Monday on fears of higher arrivals. The local variety decreased by Rs 350 a quintal and the Salem variety shed Rs 1,372 a quintal.

“ Prices at the Nizamabad market dipped Rs 700 a quintal, which reflected in Erode's turmeric markets. Buyers quoted Rs 350 lower than last week's price. The Salem Crop experienced a heavy fall of Rs 1,372 a quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association, on Monday.

“We are expecting heavy arrival within a couple of days, as production for the current year is too high, when the price may decrease further,” he said. Arrivals were around 12,000 bags on Monday; sales were around 6,000 bags. Most buyers purchased the commodity to fulfil local orders, said Mr Ravishankar.

Arrivals at the Gobichettipalayam and Erode Cooperative Societies plummeted. Only 171 bags arrived on Monday in the two sales yards against 993 bags on Friday. Arrivals at the Regulated Marketing Committee was also low on Monday: Only 350 bags arrived. Despite thelow arrival, the prices did not improve.

At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 8,560-12,409 a quintal, the root variety Rs 8,400-11,468.

The finger variety fetched Rs 11,329-12,817, while the root variety quoted at Rs 10,738-11,688. Totally, 3,421 bags arrived for sale; only 832 were sold. At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 10,690-12,851, while the root variety fetched Rs 10,099-12,000. All the 136 bags that arrived were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Committee, the finger variety was sold at Rs 10,619-12,345 and the root variety at Rs 8,369-11,669. All the 35 bags that arrived were sold.

The Regulated Marketing Committee saw the finger variety command Rs 10,566-12,820, the root variety Rs 9,825-11,389 a quintal. Only 352 bags arrived for sale, 317 were sold.

Published on February 28, 2011

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