Turmeric prices drifted downwards by 1.19% to Rs 5,490 per quintal in futures trade today as speculators trimmed their positions on rising stock piles amid sluggish export and domestic demand.
At the National Commodity and Derivatives Exchange, the April contract for turmeric dipped by Rs 66, or 1.19%, to Rs 5,490 per quintal, with an open interest of 4,785 lots.
The December traded lower by Rs 36, or 0.72%, to Rs 4,994 per quintal, with an open interest of 18,605 lots. It had lost 0.83% down in yesterday's trade.
Market participants said speculators offloaded positions on the back of sluggish overseas as well as domestic demand against rising stocks which led to a decline in turmeric prices at futures trading.