Turmeric falls over 1% on subdued demand

Hopes of better sowing influence prices

Turmeric prices fell by 1.19% to Rs 5,624 per quintal in futures market today, largely due to sluggish spot demand amid hopes of better sowing following fresh rains in producing regions.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October fell by Rs 68, or 1.19%, to Rs 5,624 per quintal, with an open interest of 16,825 lots.

November turmeric traded lower by Rs 60, or 1.05%, to Rs 5,654 per quintal in 5,020 lots.

Marketmen attributed persistent fall in turmeric futures to weak demand in spot markets amid expectations that recent rains in producing regions would improve prospects of sowing.