Turmeric up on deficient rains

Speculators enlarge their positions, triggered by low sowing due to deficient rains in key growing regions

Turmeric prices gained Rs 38 to Rs 5,468 per quintal in futures market today as speculators enlarged their positions, triggered by low sowing due to deficient rains in key growing regions.

Market experts said slow progress of the monsoon, which may hit sowing operations and crop output this year, mainly improved the turmeric prices.

At the National Commodity and Derivatives Exchange, the September contract rose by Rs 38, or 0.70 per cent, to Rs 5,468 per quintal, with an open interest of 11,470 lots.

The August contract gained Rs 32, or 0.61%, to Rs 5,310 per quintal in 19,740 lots.