Turmeric futures down on rising supplies, poor demand

Turmeric futures remained under pressure for yet another session today with prices falling by 1.36 per cent, as traders reduced their positions, driven by weak demand in the spot market. 

Estimates of higher production and sluggish export demand also influenced the trading sentiment.     

At the on the National Commodity and Derivatives Exchange (NCDEX), turmeric for delivery in April fell by Rs 128, or 1.36 per cent, to Rs 9,270 per quintal, with an open interest of 6,780 lots.    

Similarly, the spice for delivery in May contract also traded Rs 98, or 1.07 per cent, lower at Rs 9,070 per quintal, with a business volume of 2,250 lots.     

Analysts said the persistent fall in turmeric futures was attributed to increased supplies in the spot market against slack demand and estimates of higher production.