Turmeric futures decline on profit-booking

Turmeric prices declined by Rs 22 to Rs 4,600 per quintal in futures trade today as speculators indulged in profit-booking amid subdued demand in the spot market.

Expectations of a bumber crop next year also put pressure on turmeric prices.

At the National Commodity and Derivatives Exchange, the April turmeric declined by Rs 22, or 0.48%, to Rs 4,600 per quintal, with an open interest for 10,000 lots.

The May contract shed Rs 20, or 0.45%, to Rs 4,472 per quintal in 2,770 lots.

Market analysts said besides profit-booking by speculators, subdued demand in the spot market put pressure on turmeric prices in futures trade.