Turmeric futures succumb to profit booking

Turmeric futures prices fell by 1.34 per cent to Rs 9,262 per quintal after speculators locked in gains amid rising supplies from the new season crop in the spot markets.

At the National Commodity and Derivatives Exchange, turmeric for delivery in May lost Rs 126, or 1.34 per cent, to Rs 9,262 per quintal, with a business volume of 6,480 lots.

Similarly, the spice for delivery in April also shed Rs 92, or 0.92 per cent, to Rs 9,954 per quintal, with an open interest of 6,925 lots.

It had ended 1.72 per cent higher at Rs 10,046 per quintal in the previous session on short-covering.

Analysts said emergence of profit booking by speculators amid adequate stocks in the spot market on increased supplies from the new crop, mainly weighed on the turmeric futures prices.

(Source: http://www.indianexpress.com/news/Turmeric-futures-succumb-to-profit-booking/771354)