Turmeric weakens on subdued export demand

May, June contracts shed 1.5% and 2.4% respectively, as traders trim positions over new arrivals from growing areas

Turmeric fell by Rs 146 to Rs 6,032 per quintal in futures market today after participants trimmed their positions weighed by weak exports and increased supplies.

At the National Commodity and Derivatives Exchange, turmeric for the most-active June delivery contract fell by Rs 146, or 2.36 per cent, to Rs 6,032 per quintal with an open interest of 29,145 lots.

The May contract shed Rs 92, or 1.52 per cent, to Rs 5,980 per quintal in 2,225 lots.

Market analysts said besides subdued export demand in the spot market, increased supplies from the new season crop mainly kept pressure on turmeric prices at futures trade.