Commodities

Turmeric prices dip on heavy arrivals

Our Correspondent Erode | Updated on August 08, 2011

BL09_COM2_TURMERIC

The price of spot turmeric decreased by Rs 300-Rs 500 a quintal on Monday. It decreased by Rs 600 a quintal in the Regulated Marketing Committee.

“Heavy arrival of more than 10,000 bags of turmeric to the market, caused the decrease in price on Monday, the opening day of the week. Because of the decreasing trend, the turmeric grower farmers have become frustrated,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

Even the hybrid variety was selling below Rs 7,000 a quintal for want of demand. The prices decreased by more than Rs 600 a quintal in the Regulated Market Committee.

“No trader has received fresh order from north India, so the bulk buyers are quoting low price for the yellow spice. The prices quoted in the turmeric futures are also low, which is reflected in the local market.

“The sales were only 30 per cent of the total arrival of 10,000 bags on Monday. The farmers despite being aware of the declining trend bring huge stocks, as they cannot store them in their premises, as the production of turmeric during current year was three times higher than last year.”

At the Erode Turmeric Merchants Association Sales yard, finger variety sold at Rs 4,609 to Rs 6,315 a quintal, root variety at Rs 4,509-5,717 a quintal.

Salem Crop: Finger variety sold at Rs 5,830-6,777 a per quintal, root variety Rs 5,099-5,911 a quintal. Out of 2,137 bags that arrived for sale, 409 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety sold at Rs 5,372-6,503, root variety at Rs 4,310-6,016 a quintal. Out of 353 bags that arrived, only 179 were sold.

At the Erode Cooperative Marketing Society, finger variety sold at Rs 5,177-6,381 a quintal, root variety at Rs 4,919-5,816 a quintal.

Out of 1,188 bags that arrived, 1,160 bags were confirmed and sold.

At the Regulated marketing Committee, finger variety sold at Rs 5,709-6,346 a quintal, root variety at Rs 5,593-6,045 a quintal.

Out of 890 bags kept for sales, 594 were sold.

Published on August 08, 2011

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