Turmeric futures down on ample stocks, sluggish exports

NEW DELHI: Turmeric prices fell by Rs 124 to Rs 6,514 per quintal in futures trade today, due to higher stocks and weak spot and exports demand.

However, reports of lower area under cultivation this year due to scant rainfall during the planting season limited the gains.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April fell by Rs 124, or 1.87 per cent, to Rs 6,514 per quintal, with an open interest of 29,940 lots.

Likewise, the spice for delivery in May lost Rs 114, or 1.69 per cent, to Rs 6,644 per quintal, with an open interest of 7,230 lots.

Marketmen said, adequate stocks in spot markets and weak exports, mainly weighed on the turmeric prices at futures trade here, the area under cultivation this year, is lower due to short rainfall which also capped the losses.

Meanwhile, at Nizamabad, a key market in Andhra Pradesh, spot turmeric fell by Rs 32.50 to Rs 5,699 per 100 kg in yesterday's trade.