Turmeric dips 1.49% on adequate stocks

Turmeric prices fell by 1.49% to Rs 5,036 per quintal in futures trade today as speculators offloaded their positions on higher stocks amid hopes of increased supplies on new arrivals in coming months.

At the National Commodity and Derivatives Exchange, the December contract dipped by Rs 76, or 1.49%, to Rs 5,036 per quintal, with an open interest of 17,220 lots.

The April contract traded lower by Rs 32, or 0.56%, to Rs 5,646 per quintal, with an open interest of 7,110 lots.

Marketmen said speculators offloaded positions due to higher stocks on increased supplies in view of approaching new arrival season, kept pressure on the turmeric prices.