Turmeric futures gain 1.32 pc on pickup in spot demand

Supported by rising demand at the spot markets turmeric prices rose by 1.32 per cent to Rs 8,454 per quintal in futures trading today as speculators created fresh position amid likely lower output due to unseasonal rains at major producing regions.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May was up by Rs 110 or 1.32 per cent to Rs 8,454 per quintal with an open interest of 27,645 lots.
Similarly, the spice for delivery in June contracts traded higher by Rs 104 or 1.22 per cent to Rs 8,640 per quintal in 9,355 lots.
Market analysts said speculators built up fresh positions after pickup in demand in the spot market mainly influenced turmeric prices at futures trade.