Turmeric futures plunge 4% on profit-booking

Turmeric prices dropped by 4 per cent to hit lower circuit at Rs 6,868 per quintal in futures trade as speculators booked profits at prevailing levels amid fall in demand in the spot market.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September month plunged by Rs 286, or 4 per cent to freeze at Rs 6,868 per quintal with an open interest of 14,550 lots.
Likewise, the spice for delivery in October month fell by Rs 186, or 2.60 per cent to Rs 6,964 per quintal in 11,845 lots.
Market analysts said besides, profit-booking by participants at existing levels, easing demand in the spot market against sufficient stocks position, mainly pulled down turmeric prices at futures trade.