Turmeric up on drop in the sowing area concerns
Turmeric prices went up by Rs 110 to Rs 4,376 per quintal in futures trade today on expectation of a drop in the sowing area.
Also, pick up in demand in the spot market further fuelled the uptrend.
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At the National Commodity and Derivatives Exchange, turmeric for delivery in August went up by Rs 110, or 2.58%, to Rs 4,376 per quintal, with an open interest of 25,945 lots.
Likewise, the spice for delivery in July gained Rs 106, or 2.53%, to Rs 4,300 per quintal, with an open interest of 14,925 lots.
Analysts said apart from a firming trend at spot market on pick up in demand, expectations of lower sowing this season in the major growing regions because of unattractive prices mainly pushed up turmeric prices at futures trade.
Besides, slow progress of monsoon that could push back sowing operations also influenced prices, they said.