Turmeric prices fell further by Rs 318, or 2.14 per cent, to Rs 14,526 per 100 kg in futures market today, as speculators reduced their positions, after reports of higher acreage and sluggish overseas enquiries.
Weak demand in the physical market also put pressure on the turmeric futures.
At the National Commodity and Derivatives Exchange counter, turmeric for delivery in August fell by Rs 318, or 2.14 per cent, to Rs 14,526 per 100 kg, with an open interest in 8,640 lots.
The spice for September contract declined by Rs 288, or 1.99 per cent, to Rs 14,188 per 100 kg, with an open interest in 2,540 lots, while October delivery also drifted by Rs 280, or 1.96 per cent, to Rs 14,000 per 100 kg, with an open interest of 200 lots.
Market analysts said offloading of positions by speculators on reports of higher acreage, as recent rainfall is good for all kharif crops pulled down the prices.
They said sluggish overseas enquiries also attributed to the fall in turmeric prices at futures market.
