Turmeric futures weaken by 1.65 pc on low demand

Turmeric prices drifted lower by 1.65 per cent to close at Rs 7,640 per quintal in futures market today as participants cut down bets on fall in demand from up-country and industrial buyers at the spot market.
At the National Commodity and Derivatives Exchange, turmeric for delivery in current month declined by Rs 128, or 1.65 per cent, to Rs 7,640 per quintal with an open interest of 4,550 lots.
Similarly, the contract for October delivery was trading at Rs 7,650, down 1.32 per cent, or Rs 102, with an open interest of 9,900 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.