Turmeric futures slide on low demand

Turmeric prices weakened by 1.97 per cent to trade at Rs 6,546 per quintal in futures market today as participants reduced exposure, triggered by sufficient stocks position at the spot market.

Moreover, mounting of stocks followed by increase in arrivals from the growing regions also weighed on turmeric prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April contract declined by Rs 132, or 1.97 per cent, to trade at Rs 6,546 per quintal with an open interest of 8,030 lots.

Similarly, the contract for May was trading at Rs 6,658, down by 1.65 per cent or Rs 112, with trading volume of 7,320 lots.

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