Turmeric futures fall 2.18% on mounting stocks, weak exports

NEW DELHI: Turmeric prices fell by 2.18 per cent to Rs 6,728 per quintal in futures trading today largely on mounting stocks and subdued exports.

However, improved spot demand and hopes of a lower output capped the loss.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April fell by Rs 150 or 2.18 per cent to Rs 6,728 per quintal with an open interest of 31,050 lots.

Similarly, the spice for delivery in far-month May contract traded Rs 130, or 1.86 per cent lower at Rs 6,786 per quintal in a trade volume of 7,215 lots.

Market analysts said offloading of positions by speculators following climbing stocks and weak exports, pulled down turmeric futures prices.

Estimates of lower output this season due to scant rainfall during the planting season and a shift in acreage to other crops, limited the fall.