Turmeric futures extend losses, shed 0.97%

Extending its weakness, turmeric prices fell further by 0.97% in futures trading today as speculators indulged in reducing their positions despite slow sowing in Andhra Pradesh.

At the National Commodity and Derivatives Exchange, turmeric for delivery in July fell by Rs 76, or 0.97% to Rs 7,754 per quintal, with an open interest of 8,530 lots.

In the previous session, the spice had lost 0.58% to Rs 7,830 per quintal.

Similarly, the spice for delivery in August moved down by Rs 62, or 0.79%, to Rs 7,770 per quintal, with an open interest of 5,245 lots.

Traders said continuous off-loading of positions by speculators continued to put pressure on turmeric futures prices but a slowdown in sowing at Andhra Pradesh, the biggest grower of the spice, due to poor rains, capped the losses.