Spot turmeric gains as arrivals dip

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ERODE, JAN. 31:

Poor arrival pushed up spot turmeric on Thursday.

“Though exporters and traders did not receive upcountry orders, spot turmeric increased, as only 3,000 bags arrived. Of the arrival, 75 per cent stocks were sold, mostly to stockists. A few traders purchased the quality crop. The new crop will arrive within a few days,” said Erode Turmeric Merchants Association President R.K.V. Ravishankar.

Prices have risen year-on-year to Rs 6,500 a quintal (Rs 4,900), as arrivals at this time last year were higher (7,200 bags), he said. Traders said that they have purchased quality hybrid turmeric at Rs 6,400 a quintal. Severe winter in the North this time has dried up the usual orders from there, exporters said. However, in Nizamabad, exporters said, the new crop was selling at Rs 5,000 a quintal, as a few North Indian traders placed orders.

The spice increased by Rs 400 a quintal at the Gobichettipalayam Cooperative and by Rs 300 a quintal at Erode Cooperative Society.

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 4,399-6,174 a quintal, the root variety at Rs 4,196-5,509.

Salem hybrid crop: The finger variety was sold at Rs 6,039-6,459 a quintal, the root variety at Rs 5,229-5,610. Of the 614 bags that arrived, 328 were sold.

At the Regulated Market Committee, the finger variety fetched Rs 5,346-6,429 a quintal, the root variety Rs 5,186-5,817. Of the 498 bags that arrived, 398 were sold.

At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 5,039-6,440 a quintal, the root variety at Rs 5,039-5,789. All the 405 bags kept for sale were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 5,139-6,519 a quintal, the root variety Rs 4,880-6,100. All the 114 bags kept for sale were sold.

Source: Business Line

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