Turmeric futures fall on higher output prospects

Turmeric prices moved down by Rs 216, or 1.79 per cent, to Rs 11,850 per quintal in futures market today, as speculators reduced their positions on higher output prospects due to increased sowing in growing regions.

At the National Commodity and Derivatives Exchange counter, turmeric for delivery in September declined by Rs 216, or 1.79 per cent, to Rs 11,850 per quintal, with an open interest of 5,585 lots.

The spice for delivery in October also lost Rs 158, or 1.29 per cent, to Rs 11,922 per quintal, with an open interest of 4,135 lots.

Analysts said offloading of positions by speculators followed by a fall in spot demand and expectations of higher productions influenced the turmeric prices at futures market here.