Turmeric futures fall 0.72% on weak demand

Turmeric prices drifted 0.72 per cent lower to Rs 7,164 per quintal in futures market today as participants offloaded holdings amid weak domestic as well as export demand.
Fresh arrivals from major growing regions also weighed on prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in April declined Rs 52, or 0.72 per cent, to Rs 7,164 per quintal with an open interest of 10,335 lots.
Similarly, the spice for delivery in May lost Rs 16, or 0.22 per cent, to Rs 7,240 per quintal in 1,600 lots.
Market analysts said offloading of positions by traders, triggered by a fall in demand in the domestic spot market against adequate stocks position on increased supplies, kept pressure on prices.