Turmeric futures remain up on spot demand, tight stocks

Turmeric prices continued its upward journey, rising by another Rs 144 or 0.93 per cent to Rs 15,688 per 100 kgs in the futures market today on continued buying by speculators, propelled by improved demand in the spot markets and good overseas inquiries.

Tight stocks position at the physical markets also supported the turmeric prices at futures market here.

At the National Commodity and Derivatives Exchange, turmeric for July contract delivery surged Rs 144 or 0.93 per cent to Rs 15,688 per 100 kgs, with an open interest of 6,190 lots. It ended 1 per cent higher at Rs 15,544 per 100 kgs in the previous session.

Similarly, turmeric for August delivery edged up by Rs 74 or 0.50 per cent to Rs 14,848 per 100 kgs in 8,050 lots. It ended 0.90 per cent higher at Rs 14,984 per quintal in the previous session.

Analysts attributed persistent rise in turmeric prices in futures trade  to pick up in spot demand and good export inquiries, apart from poor stocks in the market.