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Turmeric futures on NCDEX continued its downtrend. It opened lower at Rs 5,240 a quintal on Tuesday against the previous close of Rs 5,254. The November contract touched a high of Rs 5,248 and low of Rs 5,190. It was down 1.22 per cent at Rs 5,190 at 1.35 p.m.
Despite low arrivals, turmeric prices in the spot markets were traded lower at Rs 5,048 due to weak demand. This was largely due to huge inventory held by the traders.
Traders may offload their holdings before the fresh crop arrives in the market in February. This may lead to prices falling below the Rs 5,000-mark in the spot markets.
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