Turmeric prices drifted lower by 3.85 per cent to Rs 7,196 per quintal in futures market today as participants reduced their exposure amid adequate stocks position at spot market against muted demand.
Besides, expectations of higher output and favourable weather condition in the producing centres also weighed on turmeric prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in November month plunged by Rs 288, or 3.85 per cent to Rs 7,196 per quintal with an open interest of 4,520 lots.
Similarly, the spice for delivery in December contracts lost Rs 148, or 2.01 per cent to Rs 7,214 per quintal in 11,670 lots.
Market analysts said trimming of positions by traders, triggered by adequate stocks position in the physical market against subdued demand mainly pulled down turmeric prices at futures trade.
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