Turmeric prices fell by Rs 118 to Rs 6,584 per quintal

Turmeric prices fell by Rs 118 to Rs 6,584 per quintal in futures market Monday as participants cut down their bets on weak domestic as well as export demand in the spot market. At the National Commodity and Derivatives Exchange, turmeric for May delivery declined by Rs 118, or 1.76 per cent, to Rs 6,584 per quintal with an open interest of 4,640 lots.

Similarly, the spice for delivery in July traded lower by Rs 106, or 1.56 per cent, at Rs 6,690 per quintal in a business turnover of 50 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 the pressure on turmeric prices in futures trade.