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Turmeric futures on the National Commodity and Derivatives Exchange Ltd (NCDEX) continued its downtrend on Thursday after registering a new contract low on Wednesday.
Turmeric for November delivery was down 0.8 per cent at Rs 4,984 a quintal at 1.45 pm on extended selling pressure. Spot prices at Nizamabad were quoted at Rs 5,000 a quintal on Wednesday.
Huge inventory and weak demand from export markets have exerted pressure on prices. Output estimate of the new crop is expected to be marginally lower. Fresh crop arrivals start from March next year.
Turmeric prices are expected to remain under pressure due to lack of demand.
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