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Turmeric futures trade lower on improved acreage

Turmeric futures trade lower on improved acreage

Turmeric futures traded lower on NCDEX due to offloading of positions by speculators on account of improved acreage in Telengana region by about 48,315 hectare in the current 2019-20 season, slightly up from 47,790 hectare over the year-ago period. Moreover, subdued demand for the standing crop from domestic retailers at the spot markets fuelled downside momentum.

The contract for December delivery was trading at Rs 5630.00, lower by 1.05% or Rs 60.00 from its previous closing of Rs 5690.00. The open interest of the contract stood at 8535 lots.

The contract for March delivery was trading at Rs 6008.00, lower by 0.96% or Rs 58.00 from its previous closing of Rs 6066.00. The open interest of the contract stood at 2120 lots on NCDEX.