Turmeric futures extend gains on pick up in demand

NEW DELHI: Turmeric prices extended gains for the third day by adding Rs 28 to Rs 6326 per quintal in futures market today as speculators enlarged their positions, driven by a pick up in demand in the spot market.

Reports of lower output this season also supported the uptrend in turmeric.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April added Rs 28, or 0.44 per cent to Rs 6336 per quintal with an open interest of 27,780 lots.

Similarly, the spice for delivery in May contract went up by Rs 26, or 0.41 per cent to Rs 6440 per quintal in 8310 lots.

Marketmen said speculators enlarged their positions, driven a pick up in demand in the spot market, that helped turmeric prices to extend gains for third day at futures trade.