Turmeric futures down on subdued demand

NEW DELHI: Turmeric prices fell by Rs 88 to Rs 6,522 per quintal in futures trade today as speculators trimmed positions amidst subdued demand against large stocks position.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September contracts fell Rs 88, or 1.33 per cent, to Rs 6,522 per quintal in open interest of 15,830 lots.

Likewise, the spice for delivery in far-month October lost Rs 68, or 1 per cent, to Rs 6,760 per quintal, with an open interest of 4,295 lots.

Market analysts said the fall in turmeric prices at futures trade was mostly attributed to reducing of positions by speculators following subdued demand in the spot markets against adequate stocks.

They said, however, short-term trend, looks firm as late monsoon has pushed back turmeric sowing in the top cultivating areas, raising concerns about yields.