India: Low demand, high arrivals grind turmeric

Spot turmeric decreased by Rs 250-400 a quintal because of poor demand on Wednesday. “Turmeric sales resumed after a halt in trading on Tuesday, as Regulated Marketing Committee officials attended the auction in the Erode Turmeric Merchants Association Sales yard, where for want of demand prices decreased by Rs 250 a quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association. Arrivals increased to over 12,000 bags of turmeric arrived for sale as farmers, who couldn't sell on Tuesday, brought more stocks to the market. But only 60 per cent of the stocks were sold. Traders and exportersdid not receive new orders as the market awaits the new crop arrivals from mid-February. Bulk buyers bought only to meet pending orders.

The hybrid Salem crop fetched higher prices as the quality of arrivals was good. In contrast, prices by about Rs 500 a quintal due poor quality arrivals at the Gobichettipalayam Cooperative Marketing Society. All the over 370 bags of Mysore number 8 variety that arrived were sold for Rs 3,400 a quintal, traders said. At the Regulated Marketing Committee, 1,504 of the 2,115 bags that arrived were sold as farmers refused to sell the rest at current prices that were down Rs 400 a quintal. In the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 3,611-4,491 a quintal and the root variety at Rs 3,519-4,369.

Source: thehindubusinessline.com