Turmeric prices drifted lower by 3.98 per cent to close at Rs 7,232 per quintal in futures market today on fall in demand from upcountry and industrial buyers at the spot market. Though, some loses were capped on fear of deficient rains in the turmeric growing regions in the country. At the National Commodity and Derivatives Exchange, turmeric for delivery in August declined Rs 300, or 3.98 per cent, to close at Rs 7,232 per quintal, with an open interest of 15,545 lots. Similarly, the spice for delivery in current month lost Rs 208, or 2.81 per cent, to end at Rs 7,200 per quintal in 500 lots. Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on turmeric prices in futures trade.
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