Turmeric futures down 1.44% on fall in demand

Turmeric prices were down 1.44 per cent at Rs 7,400 per quintal in futures trade today on account of fall in domestic and export demand at the spot markets.
Further, anticipation of better crop this season due to increased sowing following favorable weather condition in the producing belts too fuelled the downtrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September plunged by Rs 108 or 1.44 per cent to Rs 7,400 per quintal with an open interest of 25,550 lots.
Similarly, the spice for delivery in October contracts traded lower by Rs 86 or 1.15 per cent to Rs 7,380 per quintal in 10,840 lots.

Market analysts said offloading of positions by traders, triggered by fall in domestic and export demand at the spot market against adequate stocks position, mainly kept pressure on turmeric prices at futures trade.