Turmeric futures surge 2.61% on spot demand

Turmeric prices were traded higher by 2.61 per cent to Rs 7,158 per quintal in futures trade today as participants built up fresh positions, mainly driven by uptick in domestic and export demand in the spot market.

Besides, limited arrivals from major producing regions fuelled the uptrend.

At the National Commodity and Derivatives Exchange, turmeric for delivery in May traded higher by Rs 182, or 2.61 per cent, to Rs 7,158 per quintal with an open interest of 6,715 lots.

Similarly, the spice for delivery in April contract increased by Rs 144, or 2.08 per cent, to Rs 7,068 per quintal in an open interest of 8,745 lots.

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