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Almost all the agriculture commodity futures fell sharply on Thursday after the market regulator Forward Markets Commission warned that it will keep a close watch and ban some of the commodity if it sees some abnormal price movement.
Most agriculture commodities have been rising relentlessly in the future market on the back of lower output in this kharif season.
Turmeric prices tumbled 4 per cent to Rs 6,256 a quintal for the first time in many weeks. Jeera lost 3 per cent at Rs 16,237, chilli was down 2 per cent at Rs 5,824 a quintal, while pepper dipped 1 per cent at Rs 43,590 a quintal. Chana and cocud were down 2 and 3 per cent at Rs 4,618 and Rs 1,580 a quintal.
The fall in turmeric prices may continue as the prices have increased by about 88 per cent in last two months. Demand has slowed down considerably due to the sharp run up in prices. However, poor rainfall in turmeric growing regions of Andhra Pradesh and Tamil Nadu will lead to a fall of 20-30 per cent in output this year. Spot prices in Erode still rules high at Rs 7,000 a quintal.
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