Turmeric futures hit lower circuit on low demand

Turmeric prices drifted lower by 3.99 per cent to hit lower circuit at Rs 7,172 per quintal in futures market today as participants reduced their exposure due to muted demand.
Moreover, ample stocks in the markets on increased supplies from the producing regions too fuelled the downtrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in August declined by Rs 298, or 3.99 per cent, to Rs 7,172 per quintal, with an open interest of 13,175 lots.
Similarly, the spice for delivery in September lost Rs 302, or 3.99 per cent, to Rs 7,258 per quintal in 3,005 lots.

Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on turmeric prices in futures trade.