Turmeric Slips, Lack Of Fresh Buying Pulls Futures Off One Month High

NCDEX Turmeric futures slipped today on continued profit selling as recent gains restricted fresh buying and tepid spot markets acted as a further depressive factor for the commodity. NCDEX Turmeric futures for July hit a one month high around Rs 7500 per quintal yesterday and pulled back. The contract closed around Rs 7420 levels. The counter witnessed another round of correction today and currently trades at Rs 7400 per quintal, down 0.30% on the day. The NCDEX August futures are down 0.82% at Rs 7466 per quintal. Overall demand remains sluggish in ready markets and traders are eyeing the developments in monsoon. There has been a steady decline in the open interest in the benchmark contract in last couple of days-indicating less fresh buying support as prices gained around Rs 500 in last one week.