Muted demand drags turmeric futures down by 1.63%

Turmeric prices drifted lower by 1.63 per cent to Rs 6,780 per quintal in futures market today as participants reduced their exposure amid sluggish demand.
Besides, weak export demand amid expectations of higher output also weighed on prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in April fell by Rs 112, or 1.63 per cent, to Rs 6,780 per quintal with an open interest of 13,010 lots.
In a similar fashion, the spice for delivery in May contracts traded lower by Rs 106, or 1.55 per cent, to Rs 6,750 per quintal in 2,330 lots.
Market analysts said offloading of positions by participants amid subdued demand in the spot market against ample stock position on increased supplies from growing regions, mainly attributed the slide in turmeric prices at futures trade.