Turmeric futures weaken by 1.51 pc on low demand

Turmeric prices drifted lower by 1.51 per cent to Rs 7,152 per quintal in futures market today as participants cut down 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 November declined by Rs 110, or 1.51 per cent, to Rs 7,152 per quintal with an open interest of 8,070 lots.

Similarly, the contract for current month delivery was trading at Rs 7,340, down 0.77 per cent, or Rs 54, with an open interest of 3,175 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.

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