Commodities

Turmeric loses sheen on swamping arrivals

Our Correspondent Erode | Updated on April 11, 2012 Published on April 11, 2012

TURMERIC_3

Spot turmeric prices decreased by Rs 300 a quintal as arrivals flooded Erode markets on Wednesday. The markets opened after being shut for 10 days for local festival.

“ Over 21,000 bags arrived for sale. Stockists and local traders purchased about 40-50 per cent of total stocks that arrived. They quoted lower price,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

Polished turmeric fetched only 3,200/quintal at Nizamabad and it was sold at Rs 3,000 at Sangli. Therefore, Erode traders quoted lower price, he said. Stockists purchased over 7,500 bags But no exporter purchased as they did not have any bulk orders on hand.

Traders purchased negligible quantity since they expect prices to decline further. Even the Salem hybrid turmeric price decreased by Rs 250 a quintal.

At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 2,322-3,430 a quintal, the root variety Rs 2,439-3,290.

Salem crop: The finger variety was sold at Rs 3,290-4,089, the root variety Rs 3,091-3,635. Out of a total arrival of 4,329 bags, 2,467 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 3,069-3,472, the root variety Rs 2,827-3,346. O1,917 bags thar arrived, 1,813 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,089-3,766, the root variety Rs 2,569-3,560. All the 362 bags of turmeric kept for sales were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 2,969-3,653, the root variety at Rs 2,811-3,489. Some 1,386 bags of turmeric were sold against the arrival of 1,547 bags.

Published on April 11, 2012
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