Turmeric dips 1% on mounting stocks

However, improvement in demand in spot market caps losses

Turmeric prices dipped over 1 per cent to Rs 5,658 per quintal in futures trade today as speculators offloaded their positions triggered by mounting stocks and approaching arrivals season.

However, an improvement in demand in the spot market capped the losses.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April traded Rs 58, or 1.01 per cent lower at Rs 5,658 per quintal, with an open interest of 6,515 lots.

The December contract traded lower by Rs 44, or 0.83 per cent, to Rs 5,240 per quintal, with an open interest of 16,415 lots.

Marketmen attributed fall in turmeric prices at futures trade to offloading of positions by speculators due to mounting stocks but pick up in spot demand, restricted the losses.