Turmeric futures down on higher output concerns

Turmeric prices fell sharply by Rs 22 to Rs 11,744 per quintal in futures trading today, as speculators offloaded part of their holding amid reports of higher output and poor exports.

However, demand in the spot markets on account of festive season, reduced losses.

At the National Commodity and Derivatives Exchange platform, turmeric for delivery in December fell by Rs 22, or 0.34 per cent, to Rs 11,744 per quintal, with an open interest of 190 lots.
    
Similarly, the spice for delivery in November also fell by Rs 10, or 0.02 per cent, to Rs 12,366 per quintal, with an open interest of 565 lots.
    
Market analysts said hopes of higher output and poor exports put pressure on the turmeric futures prices here.
    
Meanwhile, turmeric output in Andhra Pradesh, the country's top producer, is seen 40 per cent up in 2010-11 on expanded area on favourable monsoon rains.
    
The export of turmeric in April-August period were 22,250 tonnes, down 13 per cent from a year ago, the Spices Board data revealed.