Turmeric drops below Rs 4,000/quintal

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ERODE, MARCH 5:

Turmeric prices decreased by Rs 300 a quintal on Monday, with rates falling to below Rs 4,000 a quintal.

“ Arrivals are higher than demand; so prices are decreasing at all the four turmeric markets in Erode. However, arrivals were up at the Nizamabad and Sangli markets. Further, demand from North India has decreased sharply, resulting in traders quoting lower rates, ” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

Quality turmeric, however, fetched a maximum of Rs 4,200 a quintal. The Hybrid Salem crop ruled lower by Rs 390 a quintal at Rs 4,639 a quintal. The unpolished new finger variety turmeric was sold at Rs 3,200 a quintal, while the root variety was at Rs 2,850.

On Monday, 15,000-odd bags arrived for sale, of which only 50 per cent were sold. “We are expecting arrivals to touch 20,000 bags within the next two to three days; prices may then fall further”.

At the Erode Turmeric Merchants Association Sales yard, the finger variety fetched Rs 2,534-3,891 a quintal, the root variety Rs 2,419-3,689.

Salem Crop: The finger variety was sold at Rs 3,511-4,639, the root variety Rs 3,490-3,889. Ouf the 3,609 bags that arrived, 1,402 were sold.

At the Regulated Marketing Committee, the finger variety was sold at Rs 3,619-4,049 and the root variety at Rs 3,569-4,007. 1184 bags were sold of 1335 that arrived..

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,219-4,170 and the root variety at Rs 3,190-4,009 . All the 408 bags of turmeric that arrived were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 3,200-4,200 and the root variety Rs 2,711-4,011. Some 883 bags of turmeric were sold as against arrivals of 973.

Source: http://www.thehindubusinessline.com/markets/commodities/article2964058.ece

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