Turmeric declines 0.4% on profit-booking

Reduced spot supplies, lower production restrict downtrend

Extending its yesterday's slide, turmeric prices today fell by 0.42% to Rs 6,120 per quintal in futures trade today as speculators indulged in booking profits after recent gains.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October traded Rs 26, or 0.42%, lower at Rs 6,120 per quintal, with an open interest of 12,545 lots.

The September contract shed Rs 12, or 0.20%, to Rs 6,008 per quintal, with an open interest of 16,915 lots.

Marketmen said the fall in turmeric futures was due to continued profit-booking by speculators, but lower production after farmers slashed area under cultivation this season and reduced spot supplies, restricted the downtrend.