Turmeric futures trade higher on spot demand

Turmeric prices traded higher by Rs 48 to Rs 6,280 per quintal in futures trade today as traders enlarged their positions, driven by pick-up in demand. 

At National Commodity and Derivatives Exchange, turmeric for August delivery rose by Rs 48, or 0.77%, to Rs 6,280 per quintal, with an open interest of 4,215 lots.

Similarly, the spice for September delivery traded higher by Rs 46, or 0.73%, to Rs 6,380 per quintal, with an open interest of 7,215 lots.  

Market analysts said fresh buying by traders, driven by pick-up in spot market demand, mainly helped turmeric prices to trade higher at futures trade.