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India: Turmeric shines on lower arrivals

Spot turmeric prices increased by Rs 100 a quintal as farmers held on to their produce leading to lower arrivals on Tuesday. “Most of the turmeric farmers kept away from participating in the auction, as they seemed to be sure that prices will not rise now. So, 8,000-odd bags of turmeric arrived for sale and 60 per cent of the stock was sold,” said Mr R. K.V. Ravishankar, President, Erode Turmeric Merchants' Association.

He said that so far there has been no fresh demand from north Indian merchants and from exporters there. So, local traders and exporters purchased limited quantities only to meet the committed orders received from firms producing masalas. Quality goods were purchased fully by traders at the Erode Cooperative Marketing Society and Regulated Marketing Committee. But sales in the Regulated Marketing Committee were low. The hybrid Salem crop has remained stable for the last couple of days and sales were encouraging.

Source: thehindubusinessline.com