Turmeric futures extend gains on rising spot demand

Turmeric prices were trading higher another by 4 per cent to close at Rs 7,302 per quintal in futures trade today on account of rising domestic as well export demand at the spot market.
Besides, restricted supplies and slow pace of sowing in producing states also added support to turmeric prices uptrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in August was trading higher by Rs 280, or 4 per cent, to close at Rs 7,302 per quintal, with an open interest of 16,065 lots.
Similarly, the spice for delivery this month increased by Rs 262, or 3.79 per cent, to Rs 7,178 per quintal in 1,800 lots.

Analysts said fresh positions created by traders following upsurge in domestic as well as export demand in the spot market against restricted supplies due to slow pace of sowing in producing states, mainly pushed up turmeric prices at futures trade.