Turmeric futures slip 0.55% on low demand

Turmeric prices drifted lower by 0.55 per cent to Rs 6,452 per quintal in futures market Thursday on account of easing demand from retailers and industrial buyers at the spot market.

Further, ample stocks position following higher supplies from the producing belts too fuelled the downtrend.

At the National Commodity and Derivatives Exchange, turmeric for delivery in far-month April-2019 contract declined Rs 36, or 0.55 per cent, to Rs 6,452 per quintal with an open interest of 12,260 lots.

Similarly, the spice for delivery in December lost Rs 8, or 0.0.12 per cent, to Rs 6,396 per quintal in 9,880 lots.

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