Turmeric gains 1.64%

Lower output this season supported the uptrend

Turmeric prices gained 1.64% to Rs 6,558 per quintal in futures trade today as speculators enlarged their positions, triggered by reports of lower output this season.

Also, pick up in the spot market demand further supported the uptrend.

At the National Commodity and Derivatives Exchange, the April contract gained Rs 106, or 1.64% to Rs 6,558 per quintal with an open interest of 22,810 lots.

Similarly, the May contract traded higher by Rs 88, or 1.35% to Rs 6,800 per quintal in 5,765 lots.

Market experts said speculators enlarged their positions, triggered by a fall in output this season. That mainly kept turmeric futures remain higher for the second day.