Turmeric futures down 2.26% on sufficient stocks position

Turmeric prices declined by 2.26 per cent to Rs 6,742 per quintal in futures trade today as participants reduced exposure, triggered by sufficient stocks position at the spot market.

Moreover, mounting of stocks in the warehouse followed by an increase in arrivals from the growing regions also weighed on turmeric prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April contract fell by Rs 156, or 2.26 per cent, to Rs 6,742 per quintal with an open interest of 11,865 lots.

On similar lines, the contract for May delivery was trading at Rs 6,840 down 1.81 per cent or Rs 126 from its previous closing of Rs 6,966. The open interest of the contract stood at 2,605 lots.

Market analysts said offloading of positions by traders, triggered by adequate stocks position on increased arrivals from producing regions in the physical market against muted demand, weighed on turmeric futures.