Turmeric futures plunge 2.5% on hopes of higher production

Turmeric fell sharply by Rs 334, or 2.54 per cent, to Rs 12,814 per 100 kg in futures trade on estimates of increased production and continued offloading kept pressure on the prices.

At the National Commodity and Derivatives Exchange counter, turmeric for delivery in September contract suffered the most, with a fall of Rs 334, or 2.54 per cent, to Rs 12,814 per 100 kg, with an open interest of 7,035 lots.

The spice for delivery in October contract also traded Rs 328, or 2.63 per cent lower, to Rs 12,140 per 100 kg, with an open interest of 1,425 lots.

Analysts said estimates of increased production following higher sowing of the spice in cultivating regions attributed to the fall in turmeric futures.