Potato slips on weak demand, sufficient stocks

Potato prices fell by 0.34 per cent on Monday at the domestic markets as traders offloaded their positions due to low demand in the domestic markets in the midst of adequate stocks. Potato futures for October 2012 contract, at MCX, were trading at Rs. 1,046 per 100 kg, down by 0.34 per cent after opening at Rs. 1,040 against the previous closing price of Rs. 1,049.60. It touched the intra-day low of Rs. 1,040 till the trading. (At 2.34 PM today).

Sentiment weakened further as a result of easy availability in the physical markets following fresh arrivals from producing regions in UP, Punjab, MP and West Bengal.

Moreover, prices also fell as the spot price was above future price which led to a backwardation of potato prices in turn curbing the demand for the commodity in the domestic spot market.

The major potato markets in UP are Agra, Hathras, Kanpur, Meerut, Farrukkhabad; Jalandhar, Ludhiana, Phul and Patiala in Punjab; Ujjain, Indore and Dewas in MP and Hoogly, Burdwan and Howrah in West Bengal.

Read more about: mcx
Story first published: Monday, September 24, 2012, 23:31 [IST]
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