Turmeric prices went up by a whopping 3.7% to Rs 4,650 per quintal in futures trade today as speculators engaged in creating positions amid reports of deficient rains.
At the National Commodity and Derivatives Exchange, turmeric for delivery in August traded Rs 166, or 3.70%, higher at Rs 4,650 per quintal, with an open interest of 26,390 lots.
The July contract shot up by Rs 132, or 3.02%, to Rs 4,508 per quintal, with an open interest of 9,550 lots.
Analysts said the persistent rise in turmeric futures was mostly due to speculative positions created by participants, driven by reports of lower monsoon rains in key growing regions which may push back sowing operations, hurting the yield and the output.
Turmeric is planted between June and August.
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