Turmeric prices drifted lower by 1.98 per cent to close at Rs 6,914 per quintal in futures market today as participants offloaded their holdings amid weak domestic as well as export demand in the spot market. Expectation of higher production in the new season also weighed on turmeric futures. At the National Commodity and Derivatives Exchange, turmeric for delivery in current month declined Rs 140, or 1.98 per cent, to close at Rs 6,914 per quintal with an open interest of 1,025 lots. Similarly, the spice for delivery in December lost Rs 66, or 0.93 per cent, to end at Rs 6,996 per quintal in 7,015 lots. Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stocks position on increased supplies, mainly kept pressure on turmeric prices in futures trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)