Don’t miss the latest developments in business and finance.

Turmeric extends gains, up 2% on low rains

The August delivery also went up by a similar margin to trade at Rs 4,758 per quintal

Image
Press Trust of India New Delhi
Last Updated : Jan 24 2013 | 2:11 AM IST

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.

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.

Also Read

First Published: Jul 10 2012 | 1:10 PM IST

Next Story