Spot turmeric prices dip on lukewarm demand

ERODE, APRIL 25:

The price of spot turmeric decreased by Rs 300 a quintal on Monday due to lack of demand.

“After a three-day closure, the turmeric market reopened on Monday. Expecting good price for the commodity, the grower farmers brought more than 18,000 bags of turmeric for sale. But they were disappointed as the price decreased,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.

“But traders purchased about 40-50 per cent of the product to fulfill local orders. In addition masala manufacturers also placed orders with the bulk buyers,” he added.

Mr Ravishankar said that the price of the commodity has not appreciated in other markets like Nizamabad and Sangli. In futures also the prices remained low, so the traders in Erode have quoted low price for the spot turmeric. The same price will prevail for some days, he hoped.

In the Erode Turmeric Merchants Association Sales Yard, finger variety was sold at Rs 7,599-9,691 a quintal, root variety was at Rs 7,374-8,989 a quintal.

Salem Crop: Finger variety fetched Rs 9,691-10,409 a quintal, root variety Rs 8,534-9,190 a quintal. Out of the 5,636 bags that arrived, about 500 were sold.

In the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 9,019-9,689 a quintal, root variety at Rs 8,729-9,007. All the 365 bags kept for sales were sold.

In Regulated Marketing Society, finger variety was sold at Rs 8,812-9,380 a quintal, root variety at Rs 8,219-8,669 a quintal. Out of the 1,339 bags that arrived, 1,088 were sold

(Source: http://www.thehindubusinessline.com/markets/commodities/article1766239.ece)