Potato futures prices on the MCX platform have fallen by around 9-10% in past ten days due to increased selling pressure by market participants on reports of stock liquidation by farmers and stockists in anticipation of good crop prospects in Hassan (Karnataka).
On MCX, potato (Agra) August 2007 contracts were down around Rs 72 to trade at Rs 628.20 per 100 kg on Thursday over past ten days while potato (Tarkeshwar) August 2007 contracts were also down Rs 71 to trade at Rs 669.50 per 100 kg over past ten days.
Some of the traders are taking fresh short positions in a few contracts and liquidating their buy positions in other contracts, trade sources said.
Potato spot price at Agra market was quoted lower at Rs 616 while potato spot price at Tarkeshwar market was also quoted lower at Rs 637 per 100 kg on local selling by cold storage owners.
?Spot prices are likely to go down further as supply increases in south. The market situation is that there are few takers and more sellers,? a local trader said.
There is enough stock in the market. Total stock with cold storages is expected to be around 3.5 lakh tonne, according to trade estimate.MCX potato (Agra) contracts registered a turnover of Rs. 188.27 crore this week and total volume of 286,410 tonne. The Potato (Tarkeshwar) contract recorded turnover of Rs 53.95 crore and volume of 77,850 tonne.