Turmeric futures fall 0.89% on profit-booking

Turmeric prices declined by 0.89 per cent to Rs 7,308 per quintal in futures market today as traders locked in gains at prevailing higher levels amid increased supply from growing regions.

Besides, reports of good progress of sowing in Andhra Pradesh and Maharashtra following good rains this monsoon season exerted pressured on the turmeric prices in futures trade.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August contracts declined by Rs 66, or 0.89 per cent, to Rs 7,308 per quintal with an open interest of 13,255 lots.

Similarly, the spice for delivery in September lost Rs 56, or 0.75 per cent, to Rs 7,338 per quintal in 10,335 lots.

Market analysts said offloading of positions by traders, triggered by a fall in demand at the domestic spots market against adequate stock positions on increased supplies weighed on turmeric prices in futures trade.