Turmeric futures down on adequate stocks

Dragged down by rising supply of new crop in the market and estimates of higher output, turmeric prices fell by 0.43 per cent in futures trade today.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April fell by Rs 40, or 0.43 per cent, to Rs 9,298 per quintal, with an open interest of 3,445 lots.

Likewise, the spice for delivery in May lost Rs 39, or 0.42 per cent, to Rs 9,263 per quintal, with an open interest of 3,445 lots.

Analysts said rise in supplies in the spot market due to higher production after farmers expanded the area under spice cultivation, weighed on the turmeric futures prices here.