Turmeric futures extend gains on lower acreage; down 0.67%

Turmeric prices rose by another 0.67 per cent to Rs 7,494 per quintal in futures trade today as participants indulged in enlarging positions, driven by fall in arrivals amid reports of lower acreage.

At the National Commodity and Derivatives Exchange, turmeric for delivery in October rose by Rs 50 or 0.67 per cent to Rs 7,494 per quintal with an open interest of 1,975 lots.

Similarly, the spice for delivery in September moved up by Rs 46 or 0.63 per cent to Rs 7,400 per quintal in 13,745 lots.

Analysts said widening of positions by traders following fall in supplies from growing regions on reports of lower acreage amid expectations of pick up in demand, mainly pushed up the turmeric prices at futures trade.

Meanwhile, arrivals of turmeric in the physical market down nearly 31 per cent in August so far as per data.

Besides, lower-than-expected rains in turmeric growing areas of Telangana and Karnataka too influenced sentiments, they said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)