Turmeric down on higher production hopes,sluggish demand

Turmeric prices fell by 1.31 per cent to Rs 5,732 per quintal at futures trade.

Written by Agencies | New Delhi | Published: September 18, 2012 12:36 pm

Turmeric prices fell by 1.31 per cent to Rs 5,732 per quintal at futures trade today as speculators reduced their positions as fresh rains boosted prospects of higher production.

At the National Commodity and Derivatives Exchange,turmeric for delivery in October traded Rs 76,or 1.31 per cent,lower at Rs 5,732 per quintal,with an open interest of 16,835 lots.

Likewise,the spice for delivery in September fell by Rs 38,or 0.62 per cent,to Rs 6,050 per quintal,with an open interest of 6,650 lots.

Marketmen said trimming of positions by speculators on hopes of fresh rains in key growing regions boosted prospects of higher production putting pressure on turmeric prices at futures trade here.

Besides,sluggish spot demand also put pressure on the prices,they said.

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