International Spice Commodities Update – Turmeric

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Turmeric prices fell by Rs 86 ($1.72, €1.32, £1.10) to Rs 4,282 ($85.68, €65.63, £54.84) per quintal in futures trade today on rising supplies due to estimates of a higher crop.

Subdued demand in the spot market also weakened the trading sentiment.

At the National Commodity and Derivatives Exchange, turmeric for delivery in May fell by Rs 86 ($1.725, €1.32, £1.10), or 1.97%, to Rs 4,282 ($85.68, €65.63, £54.84) per quintal, with an open interest of 12,460 lots.

The April contract lost Rs 54 ($1.08, €0.83, £0.69), or 1.26%, to Rs 4,234 ($84.72, €64.89, £54.23) per quintal, with an open interest of 22,655 lots.

Analysts said apart from rising supplies in spot markets, higher expected production this season mainly kept pressure on the turmeric prices at futures trade.

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