Turmeric futures surge 3% on spot demand

Turmeric prices rose by over 3% to Rs 4,588 per quintal in futures trade today, as speculators created fresh positions, driven by a rise in spot demand.

Restricted supplies following holding back of stocks by speculators on hopes of an improvement in prices in coming days, also supported the rise.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April rose by Rs 140, or 3.15%, to Rs 4,588 per quintal, with an open interest of 10,115 lots.

The May contract moved up by Rs 54, or 1.23%, to Rs 4,444 per quintal, with a business turnover of 2,245 lots.

Analysts said apart from pick-up in demand in the spot market, holding back of stocks by speculators on hopes of rise in prices in coming days,also led to the rise in turmeric prices at futures trade here.