Potato increases due to spot demand

Posted By: Religare
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Potato increases due to spot demand
The prices of potato for the August contract rose by Rs 5.20, or 1.22%, to Rs 430 per quintal, with a trading volume of 64 lots at the Multi Commodity Exchange (MCX) since fresh holdings were created by the traders tracking the rise in the spot market demand in the midst of the restricted stocks.

The potato for the July contract traded higher by Rs 4.60, or 0.96%, to Rs 478.90 per quintal, with a business volume of 21 lots at the MCX.

The commodity for the June contract also rose by Rs 2.50, or 0.47%, to Rs 524.80 per quintal, with a business volume of 27 lots at the MCX.

Moreover, the reduced arrivals from the growing belts also supported the prices.

Meanwhile, the country is ranked 5th in potato production after China, Russian Federation, Poland and Ukraine. The productivity of potato in India is about 16-19 tonnes/ha vis-À-vis that of European countries and USA, i.e 30-40 tonnes/hectre.

There are four-potato export zone in India viz. in UP, Punjab, MP and West Bengal. 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.

Potato is the world's fourth important food crop after wheat, rice and maize owing to its great yield potential and high nutritive value and accounts for nearly half of the worlds annual output of all root and tuber crops.

Read more about: potato, commodities, mcx
Story first published: Wednesday, June 8, 2011, 13:30 [IST]
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