Turmeric futures decline on subdued demand

NEW DELHI: Turmeric prices fell by 3.84 per cent to Rs 5,416 per quintal in futures trade today as speculators trimmed their positions, driven by absence of overseas demand and timely progress of the Monsoon.

At the National Commodity and Derivatives Exchange, turmeric for delivery in July declined by Rs 216, or 3.84 per cent to Rs 5,416 per quintal with an open interest of 31,485 lots.

Similarly, the spice for delivery in June lost Rs 198, or 3.57 per cent, to Rs 5,350 per quintal in 4,540 lots.

Market analysts said the fall in turmeric futures was attributed to trimming of positions by speculators owing to absence of export demand in the spot market and timely progress of the monsoon in growing states.