Turmeric futures dip 1.97 pc on adequate supply

NEW DELHI: Turmeric prices dipped by 1.97 per cent to Rs 5,178 per quintal in futures trade today as speculators offloaded their positions on the back of sluggish demand in the spot market against adequate supplies.

Hopes of increased supplies starting January on arrival of the new season crop also put pressure on turmeric futures.

At the National Commodity and Derivatives Exchange, turmeric for delivery in December dipped by Rs 104, or 1.97 per cent, to Rs 5,178 per quintal, with an open interest of 17,755 lots.

Similarly, the spice for delivery in November traded lower by Rs 52, or 0.96 per cent, to Rs 5350 per quintal, with an open interest of 2,615 lots.

Marketmen said speculators offloaded positions on the back of sluggish demand against adequate stocks position which led to a decline in turmeric prices at futures trading.