Turmeric futures up 1.57% on pick up in demand

Turmeric prices rose by 1.57 per cent to Rs 8,510 per quintal in futures market today after participants built-up positions, supported by pick up in demand at the spot market.
However, reports of good rains in turmeric growing area in south India, capped some gains.
At the National Commodity and Derivatives Exchange, turmeric for delivery in this month rose by Rs 132 or 1.57 per cent to Rs 8,510 per quintal with an open interest of 1,570 lots.
Likewise, the spice for delivery in June spurted by Rs 72 or 0.90 per cent to Rs 8,040 per quintal in 25,880 lots.

Marketmen said widening of positions by speculators driven by rising demand in the spot market amid tight supplies from producing belts mainly led to the rise in turmeric prices at the futures trade.