Turmeric gains 2.23% on rising demand

Domestic, overseas demand pushes up prices

Turmeric prices gained Rs 150 to Rs 6,864 per quintal in futures trading today on increased buying by speculators, driven by rising demand in the spot market for the upcoming festivals.

Fresh enquiries from the overseas market supported the uptrend.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September gained Rs 150, or 2.23%, to Rs 6,864 per quintal, with an open interest of 14,555 lots.

The August contract traded higher by Rs 116, or 1.78%, to Rs 6,632 per quintal, with an open interest of 15,230 lots.

Analysts attributed the rise in turmeric futures to rising domestic and overseas demand ahead of upcoming festivals.