Turmeric rises on spot demand

July and August contracts gain more than 1% each on NCDEX

Turmeric prices rose by Rs 62 to Rs 4,270 per quintal today as speculators enlarged their positions, tracking a firming spot market trend, following pick-up in demand amid restricted arrivals.    

Poor monsoon rains in growing areas also influenced the price of the spice.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August rose by Rs 62, or 1.47 per cent, to Rs 4,270 per quintal in open interest of 28,830 lots.

The July contract moved up by Rs 48, or 1.16 per cent, to Rs 4,198 per quintal in 21,690 lots.

Analysts attributed to rise in turmeric futures to pick-up in demand in the spot market against limited arrivals from producing regions.