Turmeric futures down 1.29% on adequate stocks

Turmeric prices moved down by 1.29 per cent to Rs 7,022 per quintal in futures market today as traders reduced their exposure amid ample stocks at spot market.
Expectations of higher production in the coming year due to strong sowing of turmeric in the producing belts of Karnataka, also weighed on prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in October declined by Rs 92, or 1.29 per cent, to Rs 7,022 per quintal, with an open interest of 9,755 lots.
Similarly, the spice for delivery in November eased by Rs 76, or 1.06 per cent, to Rs 7,114 per quintal in 10,370 lots.

Market analysts said offloading of positions by traders, triggered by ample stocks position on increased supplies from producing belts in the physical market, mainly kept pressure on turmeric prices at futures trade.