Turmeric futures weaken by 1.14 pc on low demand

Turmeric prices drifted lower by 1.14 per cent to close at Rs 7,630 per quintal in futures trade today as participants cut down bets on fall in demand from upcountry and industrial buyers at the spot market.
Moreover, good rains in turmeric growing areas in Telangana and Karnataka too fuelled the downtrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in the October declined by Rs 88, or 1.14 per cent, to close at Rs 7,630 per quintal with an open interest of 11,630 lots.
Similarly, the contract for the current month delivery was trading at Rs 7,652, down 0.83 per cent, or Rs 64, with an open interest of 1,130 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, mainly kept pressure on turmeric prices in futures trade.