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Turmeric extends gains, up 2% on low rains

Press Trust of India/New Delhi 10 Jul 12 | 01:10 PM

Continuing its rising streak, turmeric futures today went up by 2% on reports of low rains in key growing regions amid rising spot demand.

At the National Commodity and Derivatives Exchange, July turmeric surged by Rs 92, or 2.02%, to trade at Rs 4,644 per quintal, with an open interest of 4,475 lots.

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The August delivery also went up by a similar margin to trade at Rs 4,758 per quintal, with an open interest of 26,690 lots.

Market analysts said persistent rise in turmeric prices at futures trade was mostly due to huge positions built-up by speculators, driven by low monsoon rains in key growing regions which may push back sowing operations, hurting the yield and the output.

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