Potato hits lower circuit, tumbles 4%

Fresh arrivals, subdued demand influence prices

Potato prices hit lower circuit by falling 4% to Rs 903.50 per quintal in futures trade today as speculators offloaded their positions amid arrivals of fresh crop in the market.

At the Multi Commodity exchange, potato for delivery in October tumbled by Rs 37.70, or 4%, to Rs 903.50 per quintal, with a business volume of 22 lots.

March potato eased by Rs 14.20, or 1.96%, to Rs 707 per quintal, with a trade turnover of 67 lots.

The fall in potato prices was due to offloading of positions by speculators following arrivals of new crop in the spot markets amid subdued demand.