Turmeric prices drifted lower by 1.16 per cent to Rs 6,448 per quintal in futures market today as speculators cut bets, triggered by adequate stocks position on increased arrivals from producing regions at spot market against low demand.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May declined by Rs 76, or 1.16 per cent, to Rs 6,448 per quintal with an open interest of 10,520 lots.
Likewise, the spice for delivery in April contracts lost Rs 74, or 1.15 per cent, to Rs 6380 per quintal in 5,230 lots.
Market analysts said offloading of positions by traders due to adequate stocks position on increased supplies from producing belts in the physical market against easing demand put pressure on turmeric futures.
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