Turmeric futures slip 1.05 pc on weak demand

Turmeric prices fell by 1.05 per cent to Rs 6,754 per quintal in the futures market Monday in line with a weak trend at the spot markets on account of easing demand from retailers and industrial buyers coupled with low export demand.

Besides, reports of improved sowing from major growing areas of Tamil Nadu, Karnataka and Maharashtra also influenced turmeric futures prices.

At the National Commodity and Derivatives Exchange, turmeric for far-month November contract declined by Rs 72, or 1.05 per cent, to Rs 6,754 per quintal with an open interest of 2,840 lots.

Similarly, the spice for October lost Rs 52, or 0.77 per cent, to Rs 6,660 per quintal in 11,465 lots.

Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot market against increased arrivals from growing regions amid mounting of inventories weighed on the turmeric prices in future trade here.