Turmeric futures tumble as participants cut positions

Turmeric prices dived by Rs 204 to Rs 7,120 per quintal in futures trade today on trimming of positions by the operators in tune with weak physical markets sentiment.

In futures trading at the National Commodity and Derivative Exchange, turmeric for delivery in November contracts plummeted by Rs 204 or 2,79 per cent to Rs 7,120 per quintal, clocking an open interest of 4,480 lots.

In a similar manner, the delivery for the December month contract also dipped by Rs 170 or 2.34 per cent to Rs 7,108 per quintal, in an open interest of 3,780 lots.

A weak trend at the physical markets due to mounting stocks on increased arrivals from growing belts against reduced offtake coupled with fading export demand mainly led to a fall in turmeric prices in futures trade here.

India is the largest producer, consumer and exporter of turmeric.

Besides its use as spices, it is comprehensively consumed in medical products too.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)