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Turmeric futures declined to their near maximum permissible limit on panic sales. Turmeric futures have been dropping in the last two days after the NCDEX stopped trading in August futures. On Wednesday, futures had crashed by their maximum permissible limit of 4 per cent.
The bearish effect spread to the spot market too with prices dropping by Rs 200-400 a quintal at Erode.
The decision to discontinue August futures has lead to the soft trend and buyers in the spot market are quoting lower prices.
The September futures were down Rs 230 at Rs 5,862 a quintal, and the October futures dropped by Rs 202 to Rs 6,082.
With rain lashing the growing areas in Karnataka, prices have begun to ease a little. However, concerns remain over the dry weather in the growing areas of Tamil Nadu.
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