Turmeric futures gain 2.5% on tight supply

Turmeric futures prices continued its upward journey and traded 2.50 per cent higher at Rs 10,888 per quintal today, as speculators increased positions, driven by a likely delay in fresh arrivals.

At the National Commodity and Derivatives Exchange counter, turmeric for Delivery in April month rose by Rs 266, or 2.5 per cent, to trade at Rs 10,888 per quintal, with an open interest of 5,515 lots.

The spice for delivery in far-month May contract also went up by Rs 154, or 1.55 per cent to Rs 10,100 per quintal, with an open interest in 1,790 lots.

Analysts said a tight supplies in the market following a likely delay in fresh arrivals due to unseasonal rains, mainly responsible for the rise in turmeric futures prices.