Turmeric down 2.8% on weak demand,adequate supply

Turmeric for delivery in August lost 2.56%

Turmeric prices plunged by 2.81% to Rs 4,918 per quintal in futures trade today as speculators offloaded their positions, tracking a weak trend at spot market on sluggish demand against adequate supplies.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September plunged by Rs 142, or 2.81% to Rs 4,918 per quintal with an open interest of 18,895 lots.

Similarly, the spice for delivery in August lost Rs 126, or 2.56% to Rs 4,866 per quintal in 10,090 lots.

Market analysts said speculators offloaded their positions on the back of weak demand in the spot market against adequate supplies from producing region, which mainly kept pressure on turmeric prices at futures trade.