Turmeric may remain listless on higher stocks

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ERODE, SEPT 16:

Turmeric prices continue to rule low despite lower arrivals as very little order has been received from North India.

Usually during this time, arrival in the market will be around 5,000 bags. But this year, due to poor demand buyers are buying limited stock. So, growers, too, are bringing 2,500-3,000 bags daily. Last year during this period, the yellow spice was sold at Rs 6,300 and the hybrid at Rs 6,600 a quintal. But this year for want of demand, traders are quoting a lower price and buying less, according to R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

He said that during this time of the year, sales at Erode turmeric markets are poor.

Currently, traders and farmers are holding over 30 lakh bags of turmeric with them. In addition, over 20 lakh bags of turmeric bags are with traders in various parts of the country.

About five lakh bags would be sold over the next few months. At the beginning of the next year, when the fresh arrivals begin, there will be around 50 lakh bags of turmeric in India.

So, chances of sharp rise in turmeric prices are bleak. There may be a slight increase in the price in future.

Next year, production in Erode district will decline but the output in Andhara Pradesh and Maharashtra will be higher by 20 per cent.

Growers said that the current price of Rs 5,500 a quintal is not feasible for them, as the cost of production is increasing. On Monday, only 2,900 bags of turmeric arrived for sale and 50 per cent was sold. Prices of both varieties of turmeric ruled stable.

At the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 3,511 -5564 a quintal; the root variety at Rs 3,269-5,011.

Salem Hybrid Crop: The finger variety was sold at Rs 4,599-6,114, the root variety at Rs 4,4745,395. Of the 545 bags offered on sale, 245 were sold.

At the Regulated Market Committee, the finger variety was sold at Rs 4,859-5,887, the root variety at Rs 4,514 -5,119 a quintal. Of the 373 bags that arrived, 362 were sold.

At the Erode Cooperative Marketing society, the finger variety was sold at Rs 4,799-5,901. The root variety was sold at Rs 4,589-5,169. All 700 bags on offer were sold.

Source: The Hindu

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