Turmeric prices drifted lower by 1.71 per cent to close at Rs 7,344 per quintal in futures market today as participants cut down their 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 September declined Rs 128, or 1.71 per cent, to close at Rs 7,344 per quintal, with an open interest of 14,280 lots.
Similarly, the contract for October was trading at Rs 7,430, down by 1.41 per cent, or Rs 106, with an open interest of 1,080 lots.
Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on turmeric prices in futures trade.
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