Turmeric futures slip 1.76% on low demand

Turmeric prices drifted lower by 1.76 per cent to Rs 7,464 per quintal in futures market today on account of easing demand from retailers and industrial buyers at the spot market.
Further, ample stocks position following higher supplies from the producing belts too fuelled the downtrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in October declined Rs 134, or 1.76 per cent, to Rs 7,464 per quintal, with an open interest of 10,395 lots.
Similarly, the spice for delivery this month lost Rs 90, or 1.18 per cent, to Rs 7,520 per quintal in 690 lots.
Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on turmeric prices in futures trade.