Turmeric futures recover on deficient rains

NEW DELHI: Turmeric prices recovered by Rs 28 to Rs 4,138 per quintal in futures trade today as speculators created fresh positions amid reports of lower monsoons in growing areas.

At the National Commodity and Derivatives Exchange, turmeric for delivery in August traded Rs 28, or 0.68 per cent, higher at Rs 4,138 per quintal, with an open interest of 30,235 lots.

Likewise, the spice for delivery in July edged up by Rs 20, or 0.49 per cent, to Rs 4,118 per quintal in 35,805 lots.

Analysts said the rise in turmeric futures was mostly due to speculative positions built-up by participants, driven by reports of lower monsoon rains in key growing regions, which could delay crop's sowing.