Turmeric futures rise on spot demand

Turmeric futures prices rose by Rs 118 to Rs 5,018 per quintal today, as speculators created fresh positions, driven by a rise in spot demand.

On higher carry-forward stocks, weak demand and likelihood of a bumper crop this year.

At the National Commodity and Derivatives Exchange, turmeric for delivery in November rose by Rs 118, or 2.41%, to Rs 5,018 per quintal, with an open interest of 11,185 lots.

Similarly, the spice for delivery in December moved up by Rs 62, or 1.30% to Rs 4,848 per quintal, with a business turnover of 10,655 lots.

Analysts said fresh buying by speculators on pick-up in demand in the spot markets mainly led to rise in turmeric prices at futures trade here.