Turmeric prices drifted lower by 1.66 per cent to close at Rs 6,774 per quintal in futures market today as investors liquidate their long positions at prevailing higher prices driven by sluggish demand at physical markets.
Further, ample stock positions against increased arrivals from producing regions also contributed to the fall in rates.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May declined Rs 114, or 1.66 per cent, to close at Rs 6,774 per quintal with an open interest of 7,450 lots.
Similarly, the contract for April was trading at Rs 6,700, down 1.64 per cent, or Rs 112, with trading volume of 7,890 lots.
Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stocks position on increased supplies, kept pressure on turmeric prices in futures trade.