Turmeric futures decline 0.24% on higher acreage

Turmeric prices fell by Rs 38, or 0.24 per cent, to Rs 14,832 per quintal in futures trading today, as speculators reduced their positions, triggered by hopes of higher acreage and sluggish overseas enquiries.  

Weak demand in the spot markets also put pressure on the turmeric futures. 

At the National Commodity and Derivatives Exchange counter, turmeric for delivery in August fell by Rs 38, or 0.24 per cent, to Rs 14,832 per quintal, with an open interest of 8,505 lots.

The spice for September also declined by Rs 18, or 0.12 per cent, to Rs 14,464 per quintal, with an open interest of 2,440 lots.

Market analysts said offloading of positions by speculators on hopes of higher acreage, as recent rainfall is good for all kharif crops and sluggish overseas enquiries attributed to the fall in turmeric prices at futures market here.

Meanwhile, country's turmeric exports fell 11 per cent to 14,600 tonnes in April-June 2010, from the same period a year ago, the Spices Board said.