Turmeric futures down on higher carry-forward stocks

NEW DELHI: Turmeric prices fell by Rs 26 to Rs 6,174 per quintal in futures trade today as speculators trimmed their positions, amid higher carry-forward stocks and expected supplies from the new season crop.

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

At the National Commodity and Derivatives Exchange, turmeric for delivery in April fell by Rs 26, or 0.42 per cent, to Rs 6,174 per quintal, with an open interest of 27,815 lots.

Likewise, the spice for delivery in far-month May lost Rs 16, or 0.16 per cent, to Rs 6,560 per quintal, in a business turnover of 7,405 lots.

Market participants said the fall in turmeric prices at futures trade was mostly due to higher carry-forward stocks and approaching fresh supplies but weather concerns in key growing regions limited the fall in prices.