Turmeric declines on arrival pressure

NEW DELHI, MAY 5:

Turmeric prices moved down by 0.71 per cent to Rs 8,444 a quintal in futures trade today following arrival pressure from new season crop in the physical market against sluggish demand.

At the National Commodity and Derivatives Exchange, turmeric for delivery in May shed Rs 60, or 0.71 per cent to Rs 8,444 per quintal, with an open interest of 13,720 lots.

Similarly, the spice for delivery in June declined by Rs 52 or 0.62 per cent to Rs 8,300 a quintal with a business volume of 7,260 lots.

Analysts said besides the arrival of new season crop in the market, subdued demand influenced the trading sentiments here and led to the fall in prices.

(Source: http://www.thehindubusinessline.com/markets/commodities/article1993295.ece)