Turmeric futures fall 2.61% on muted demand

Turmeric prices fell 2.61 per cent to Rs 10,066 per quintal in futures trade today after speculators reduced their bets, tracking a weak trend at the spot market on subdued demand due to ample supplies.
However, losses were capped following damage to crop due to recent rains in Tamil Nadu.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May 2016 month declined by Rs 270, or 2.61 per cent to Rs 10,066 per quintal with an open interest of 2,680 lots.
Similarly, the spice for delivery in April contracts traded lower by Rs 228, or 2.25 per cent to Rs 9,916 per quintal in 23,560 lots.

Market analysts said offloading of positions by participants, triggered by easing demand in the spot market against adequate stocks position, mainly led to fall in turmeric prices at futures trade.