Turmeric declines 2.5% on sluggish demand

Adequate stocks influence prices

Turmeric moved down by Rs 2.54% to Rs 5,520 per quintal in futures market today as speculators offloaded their positions on the back of a sluggish spot market demand.

Adequate stocks availability in the physical market put pressure on turmeric futures.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October moved down by Rs 144, or 2.54%, to Rs 5,520 per quintal, with an open interest of 16,820 lots.

November turmeric shed Rs 98, or 1.74%, to Rs 5,550 per quintal, with an open interest of 4,860 lots.

Analysts said speculators offloaded their positions on the back of sluggish demand in the spot market against adequate stocks position, which kept pressure on turmeric prices at futures trade.