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Turmeric gained lustre on Wednesday after three sessions of profit-booking. Last week, the commodity had declined on statements from the Government that it would come down heavily on speculative trading.
The market sentiment also received a boost following the measures announced by the empowered group of ministers after its meeting last evening. They have announced 50 per cent subsidy on diesel for irrigation purposes besides other measures.
Trading last week was also affected by a statement of the Union Minister of State for Food, Prof K.V. Thomas, on a possible ban on futures trading, which had lead to profit booking.
Today, speculators see value in buying turmeric futures at current prices.
In the spot market, heavy arrivals on Monday and Tuesday had pulled down prices. But Wednesday is looking different with speculators adding positions in the market.
August futures were up Rs 80 at Rs 5,826 per quintal; September gained by Rs 102 to quote at Rs 6,180; while October was up Rs 114 at Rs 6,374.
Turmeric prices were gaining on fears that crop may be affected by the deficient monsoon.
Spot Nizamabad was up at Rs 5,262.80 for a quintal.
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