Turmeric futures gain 2%

Turmeric futures prices spurted by 2 per cent to hit contract high of Rs 10,700 per quintal today as speculators created huge positions, due to expected delay in fresh arrivals due to unseasonal rain and depleting stocks.

At the National Commodity and Derivatives Exchange counter, turmeric prices for delivery in April rose by Rs 210, or 2 per cent, to hit contract high of Rs 10,700 per quintal, with an open interest of 4,190 lots.

The spice for delivery in May also went up by Rs 202, or 2 per cent, to Rs 10,320 per quintal, with an open interest of 1,145 lots.

Analysts said a squeeze in supplies, driven by  expected delay in fresh arrivals due to unseasonal rains and lower stocks in the market mainly supported the rise in turmeric futures prices.