Turmeric rises despite high arrivals

ERODE, MARCH 16:

Spot turmeric improved by around Rs 350 a quintal on Wednesday, and more than 22,000 bags of turmeric arrived for sale.

“Turmreic is ruling at Rs 10,000-odd in Erode. Buyers, mainly bulk buyers, are ready to purchase any number of bags, as they have huge orders from North India, but farmers were reluctant to sell at current rates. They are waiting for prices to touch Rs 12,000 a quintal,” said Mr R.K.V. Ravishankar , President, Erode Turmeric Merchants Association, on Wednesday. “In the last five days, more than one lakh bags have arrived for sale, of which 60-65 per cent were sold. The rest could not be sold as some sellers did not confirm the price quoted by the traders,”, said Mr Ravishankar.

In Nizamabad also, more than 22,000 bags arrived for sale on Tuesday. Buyers across the country have moved to Erode, as it is uncertain whether the Nizamabad market will open after the Telangana issue worsened. Further, it is difficult to transport to and from the Nizamabad market.

In the Erode Turmeric Merchants Association sales yard, the finger variety was sold at Rs 7,299-10,810 a quintal and the root variety at Rs 7,099-10,357 a quintal.

Salem Crop: The finger variety sold at Rs 10,885-12,209 a quintal and the root variety at Rs 10,011-10,411 a quintal. Out of the 7,023 bags that arrived, 783 were sold.

At the Erode Cooperative Marketing Society, the finger variety sold at Rs 9,029-10,899 a quintal and the root variety at Rs 8,801-10,016 a quintal. Out of the 956 bags that arrived, 906 were sold.

At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety sold at Rs 9,030-11,269 a quintal and the root variety at Rs 8,850-9,999 a quintal. All the 121 bags that arrived for sale were sold.

At the Regulated Marketing Committee, the finger variety fetched Rs 10,584-11,019 a quintal and the root variety Rs 9,669-10,489 a quintal. Out of the 1,513 bags that arrived for sale, 1,231 were sold.

(Source: http://www.thehindubusinessline.com/markets/commodities/article1543855.ece)