Lacklustre trading continues in turmeric

Our Correspondent Erode | Updated on June 10, 2014 Published on June 10, 2014

A rise in turmeric futures had little impact on spot prices in Erode markets on Tuesday.“The increase of ₹70 a quintal in the futures market on Tuesday morning did not make any impact on the sale of spot turmeric and its price. Only 50 per cent of 3,000 bags that arrived were sold. Only medium variety turmeric arrived for sale and traders and stockists purchased meagre quantity. Still the traders are waiting for upcountry demand,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.

Traders are keen on buying quality turmeric as they intend to stock and sell when there is demand from exporters. Some local traders also purchased negligible quantity of turmeric from Nizamabad, for the supply of the commodity to the local masala firms and turmeric powder grinding units.

Due to the arrival of poor quality, the price of hybrid finger turmeric decreased by ₹450. The root variety slipped by ₹100 a quintal. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at ₹4,259-6,169 a quintal, the root variety ₹4,011-5,881.

Salem Hybrid: The finger turmeric was sold at ₹5,514-6,609 and the root variety ₹5,269-6,135. Of the 1,497 bags that arrived, 521 were sold.

At the Regulated Market Committee, the finger turmeric fetched ₹5,353-6,429; the root variety ₹5,202-5,899. Of the 526 bags on sale, 498 were traded.

At the Erode Cooperative Marketing Society, the finger turmeric was sold at ₹5,719-6,342; the root variety ₹5,589-5,929. Of the 801 bags on offer, 796 found takers.

Published on June 10, 2014
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