Turmeric futures rise 2.20% as demand picks up

Turmeric prices rose 2.20 per cent to Rs 8,916 per quintal in futures market today after participants built up positions, supported by pick-up in demand from the drug and cosmetic industry.
Moreover, lower acreage and unfavourable weather condition in the producing belts too fuelled the uptrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May was up by Rs 192, or 2.20 per cent to Rs 8,916 per quintal with an open interest of 5,320 lots.
Likewise, the spice for delivery in April contracts moved up by Rs 150, or 1.73 per cent to Rs 8,796 per quintal in 20,975 lots.

Market analysts said fresh positions built up by speculators following rising demand at the spot market amid tight supplies from producing belts mainly led to the rise in turmeric prices at futures trade.