Turmeric futures tumble over 3 pc on supply pressure

NEW DELHI: Turmeric prices declined by 3.33 per cent to Rs 6,220 per quintal in futures trade today as speculators trimmed their positions, triggered by increased supplies from the new season crop in the spot markets

Besides, subdued overseas demand also weighed on the turmeric prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in June month fell sharply by Rs 214, or 3.33 per cent to Rs 6,220 per quintal with an open interest of 28,440 lots.

Similarly, the spice for delivery in May traded Rs 194,or 3.07 per cent lower at Rs 6,120 per quintal in an open interest of 2,930 lots.

Market analysts said adequate stocks in the spot markets following increased supplies from the new season crop and slackened export demand mainly kept pressure on the turmeric prices at futures trade.