Turmeric strengthens on higher demand

Turmeric futures prices strengthened by Rs 46 to Rs 4,820 per quintal today on increased buying by traders following pick-up in spot demand.

However, higher domestic supplies and estimates of a bumper crop restricted the gain.

At the National Commodity and Derivatives Exchange, the June contract for turmeric gained Rs 46, or 0.96%, to Rs 4,820 per quintal in an open interest of 2,800 lots.

The April contract moved up by Rs 30, or 0.63%, to Rs 4,786 per quintal in 16,425 lots.

Analysts said increased buying by traders after a rise in demand in the spot market mainly helped turmeric futures prices to strengthen.