Turmeric futures surge 0.84 pc on spot demand

Turmeric prices were trading up by 0.84 per cent to close at Rs 7,638 per quintal in futures trade today as participants built up fresh positions, mainly driven by uptick in domestic and export demand in spot market.
Dry conditions in turmeric growing areas, slower sowing progress fuelled the uptrend.
At the National Commodity and Derivatives Exchange, turmeric for delivery in the current month was trading higher by Rs 64, or 0.84 per cent, to close at Rs 7,638 per quintal with an open interest of 8,745 lots.
Similarly, the spice for delivery in September increased by Rs 60, or 0.78 per cent, to end at Rs 7,728 per quintal, in an open interest of 9,590 lots.

Analysts said fresh positions created by participants following upsurge in domestic as well as export demand in the spot market against restricted supplies from producing regions, mainly pushed up turmeric prices at futures trade.