Turmeric futures slide 1.91% on muted demand

Turmeric prices drifted lower by 1.91 per cent to trade at Rs 6,656 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 April contract declined Rs 130, or 1.91 per cent, to trade at Rs 6,656 per quintal with an open interest of 10,720 lots.
Similarly, the contract for far-month May was trading at Rs 6,736, down 1.05 per cent, or Rs 72, with trading volume of 4,790 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.