Turmeric down 1.3% on higher production hopes

Sluggish demand influences prices

Turmeric prices fell by 1.31% to Rs 5,732 per quintal at futures trade today as speculators reduced their positions as fresh rains boosted prospects of higher production.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October traded Rs 76, or 1.31%, lower at Rs 5,732 per quintal, with an open interest of 16,835 lots.

September turmeric fell by Rs 38, or 0.62%, to Rs 6,050 per quintal, with an open interest of 6,650 lots.

Marketmen said trimming of positions by speculators as hopes of fresh rains in key growing regions boosted prospects of higher production, put pressure on turmeric prices at futures trade here.

Sluggish spot demand also put pressure on the prices, they said.