Turmeric down almost 4% on profit-booking, subdued demand

Concerns over decline in area under cultivation caps losses

Amid continued profit-booking by speculators after recent gains and subdued spot demand, turmeric futures prices today fell by 3.97% to Rs 6,092 per quintal.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August fell sharply by Rs 205, or 3.97%, to Rs 6,092 per quintal, with an open interest of 23,715 lots.

The August contract shed Rs 204, or 2.43%, to Rs 5,740 per quintal in 270 lots.

Marketmen attributed the fall in turmeric prices at futures trade to increased profit-booking by speculators at prevailing levels and sluggish demand in the spot market.

However, concerns of a decline in the area under cultivation capped the losses.