Heavy arrivals pound turmeric

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ERODE, FEB. 22:

Spot turmeric prices dropped by Rs 300 a quintal on Wednesday following heavy arrivals. Sales were conducted smoothly in all the four markets in Erode.

“After the closure of turmeric market for three days, the sale commenced on Wednesday and 18,000 and odd bags of turmeric arrived for sale. After placing 900 samples at the Erode Turmeric Merchants Association sales yard, about 300 odd samples of turmeric were placed in a private premises near the Association sales yard. Traders quoted lower price and purchased 50 per cent of stocks that arrived,” said Mr R.KV. Ravishankar, President, Erode Turmeric Merchants Association.

Bulk buyers are yet to receive fresh orders from North India and the prices in turmeric futures, too, decreased. He said that the exporters are expecting to receive orders from first week of March.

Traders said that since the prices are dropping now, they are buying and if the market improves, they will sell to North Indian traders. Even when good quality of hybrid Salem crop arrived for sale, traders quoted lower price and the hybrid Salem crop decreased by Rs 500 a quintal. At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 2,646-4,365 a quintal, the root variety Rs 2,649-4,019.

Salem Crop: The finger variety was sold at Rs 3,866-4,800, the root variety Rs 3,738-4,106. Of the 3,916 bags that arrived, 1,805 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 2,850-4,659, the root variety at Rs 2,500-4,139. All the 273 bags of turmeric that arrived were sold. At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 3,609-4,399, the root variety at Rs 3,519-4,199. Some 1,220 bags were sold against arrival of 1,392.

Source: http://www.thehindubusinessline.com/markets/commodities/article2920470.ece

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