Potato falls due to restricted offtake

Posted By: Religare
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Potato falls due to restricted offtake
Yesterday, the prices of potato for the June contract fell by Rs 10, or 2.30%, to Rs 463 per quintal, with a business volume of 35 lots at the Multi Commodity Exchange (MCX) since the traders reduced their holdings.

The potato for the July contract also shed Rs 2, or 0.43%, to Rs 468.10 per quintal, with an open interest of 79 lots at the MCX.

Moreover, the sufficient stocks holdings due to the higher supply from the growing belts also influenced 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/ha.

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: commodities, potato, mcx, futures
Story first published: Wednesday, June 15, 2011, 13:30 [IST]
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