Erode :

Turmeric prices increased by over Rs. 500 a quintal for almost all varieties on Friday following export enquiries from countries such as Malaysia and UAE, and orders from North India have

“Due to heavy demand for the root variety in North India and also from other countries, prices increased sharply. The hybrid root increased by ₹650 a quintal to ₹ 7,044 a quintal. Turmeric exporters are getting good orders for the root variety from countries such as Malaysia, Sri Lanka and UAE. So, they are buying stocks that have arrived,” said a trader.

RKV Ravishankar, President, Erode Turmeric Merchants Association, said some traders have received upcountry orders for the root variety and they are buying both varieties for a high price. Turmeric exporters having orders from Sri Lanka and Malaysiaare expecting more orders. Due to the arrival of quality produce, prices of both varieties of turmeric increased. Prices in the futures market have been ruling stable for the last couple of days. If the prices rise in the futures market, they could rise in the spot markets too.

Traders bought all the 200 bags of the new crop by quoting a higher price on Friday. At the Erode Turmeric Merchants Association Sales yard (new crop), the finger variety was sold at ₹5,695-6,714 a quintal and root variety at ₹5,499-6,714.

The finger variety (old crop) was sold at ₹4,868-6,897 and root variety ₹4,699-6,699.

Salem hybrid : The finger variety fetched ₹6,689-7,599 and the root variety ₹5,866-7,044. Of the 1,217 bags that arrived, 598 were sold.

At the Regulated Market Committee, the finger variety was sold at ₹5,969-6,889, the root variety at ₹5,834-6,789. Of the 1,169 bags on offer, 1,113 were traded.

At the Erode Co-operative Marketing Society, the finger variety was sold at ₹5,731-6,929 and root variety ₹5,347-6,899. Out of the 715 bags put up for sale, 686 were picked up.

source: http://www.thehindubusinessline.com / Business Line / Home> Markets> Commodities /by The Hindu Correspondent / Erode – January 31st, 2014