Turmeric futures rise on spot demand

Turmeric prices rose by Rs 168, or 1.20 per cent, to Rs 14,174 per quintal in futures trading today, buoyed by pick up in spot demand.

However, hopes of revival of monsoon, which may boost sowing, capped gains.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August contract traded Rs 168, or 1.20 per cent, higher at Rs 14,174 per quintal, with an open interest of 9,835 lots.

Similarly, the spice for delivery in August also rose Rs 86, or 0.61 per cent, at Rs 14,160 per quintal, with an open interest of 4,875 lots.

Analysts said firming trend at spot markets on pick up in demand, helped turmeric prices to recover but hopes of revival of monsoon, which may boost sowing restricted gains.