Muted demand drags down turmeric futures by 1.96%

Turmeric prices dropped by 1.96 per cent to Rs 10,002 per quintal in futures trade today after participants reduced their exposure, tracking a weak trend at the spot market on sluggish demand.
Besides, adequate stocks availability in the physical market on higher supplies from producing regions weighed on prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in far-month May plunged by Rs 200, or 1.96 per cent, to Rs 10,002 per quintal with an open interest of 4,405 lots.
Similarly, the spice for delivery in April contracts eased by Rs 156, or 1.56 per cent, to Rs 9,844 per quintal in 23,180 lots.

Market analysts said offloading of positions by traders, triggered by easing demand in the spot market against adequate stocks position, mainly pulled down turmeric prices in futures trade.