Continuing its rising streak, turmeric prices went up by as much as 3.87% to Rs 6,330 per quintal in futures trade today as participants indulged in creating speculative positions amid reports of slow progress of sowing due to deficient rains.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September was up by Rs 236, or 3.87%, higher at Rs 6,330 per quintal, with an open interest of 11,215 lots.
The August contract gained Rs 220, or 3.71%, higher at Rs 6,144 per quintal, with an open interest of 18,095 lots.
Analysts said the persistent rise in turmeric futures was mostly due to speculative positions created by participants, driven by reports of slow progress of sowing following lower monsoon rains in key growing regions.
Besides, strong overseas demand also influenced turmeric prices at futures trade, they said.
Meanwhile, the total area under cultivation in India, the world's biggest producer and exporter of the yellow spice, is likely to fall 30% this season.
Turmeric is planted between June and August.