Turmeric futures higher on pick-up in demand

Turmeric prices rose 1.33 per cent to Rs 6,570 per quintal in futures market Friday after participants built up fresh positions on the back of pick-up in domestic and export demand and restricted supplies from growing regions.

However, some gains were capped on reports of improved sowing of turmeric growing areas of Tamil Nadu, Karnataka and Maharashtra.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October was trading higher by Rs 86, or 1.33 per cent, to Rs 6,570 per quintal with an open interest of 11,555 lots.

The spice for September delivery also increased by Rs 76, or 1.16 per cent, to Rs 6,650 per quintal in an open interest of 3,350 lots.

Analysts said fresh positions created by participants following the upsurge in domestic as well as export demand at the spot market against restricted supplies from producing belts pushed up turmeric futures.