Turmeric futures surge 3.98% on strong demand

Turmeric prices spurted by 3.98 per cent to Rs 7,532 per quintal in futures trade today as speculators built up fresh positions, driven by uptick in demand at the spot market.
Meanwhile, some gains was restricted on good sowing progress and monsoon rains in Telangana and Karnataka.
At the National Commodity and Derivatives Exchange, turmeric for delivery in August shot up by Rs 288, or 3.98 per cent to Rs 7,532 per quintal with an open interest of 11,060 lots.
Similarly, the contract for September month was trading higher by Rs 292, or 3.98 per cent to Rs 7,634 per quintal in 5,675 lots.

Analysts said fresh positions created by participants following surge in domestic demand at the spot market against restricted supplies from producing regions mainly attributed the rise in turmeric prices at futures trade.