Turmeric futures weaken by 1.30 pc on low demand

Turmeric prices drifted lower by 1.30 per cent to close at Rs 7,412 per quintal in futures trade today as participants cut down bets on fall in demand from upcountry and industrial buyers at the spot market.
At the National Commodity and Derivatives Exchange, turmeric for delivery in November declined by Rs 98, or 1.30 per cent, to close at Rs 7,412 per quintal with an open interest of 2,325 lots.
Similarly, the contract for October was trading at Rs 7,382, down 1.10 per cent, or lower by Rs 82, with an open interest of 9,750 lots.
Market analysts said, offloading of positions by traders, triggered by a fall in demand at the domestic spot markets against adequate stocks position on increased supplies, mainly kept pressure on turmeric prices in futures trade.