Turmeric plunges over 3% on profit-booking

Turmeric prices plunged over 3% to Rs 5,920 per quintal in futures trading today as speculators booked profits at prevailing higher levels, driven by the fall in spot market demand.

Lower rains in the key growing regions restricted the losses.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August plunged by Rs 186, or 3.05%, to Rs 5,920 per quintal, with an open interest of 460 lots.

The September contract declined by Rs 152, or 2.30%, to Rs 6,456 per quintal in 22,945 lots.

Marketmen said besides profit-booking by speculators, fall in demand in the spot market kept pressure on turmeric prices at futures market.