Turmeric prices dropped by Rs 62, or 0.45 per cent, to Rs 13,580 per quintal in futures trade today, as speculators reduced positions, triggered by higher sowing of the spice in cultivating regions.
At the National Commodity and Derivatives Exchange counter, turmeric for delivery in September contract dropped by Rs 62, or 0.45 per cent, to Rs 13,580 per quintal, with an open interest of 3,415 lots.
Similarly, the spice for delivery in August contract fell by Rs 42, or 0.30 per cent, to Rs 14,000 per quintal, with a turnover of 7,195 lots.
Market analysts said offloading of positions by speculators, followed by higher sowing of the spice in cultivating regions kept pressure on the turmeric futures prices here.