Turmeric gains over 1% on short-covering

Hopes of higher supplies cap gains

Amid covering-up of pending short positions by speculators and better demand in spot markets, turmeric prices recovered by Rs 58 to Rs 5,164 per quintal in futures trading today.

At the National Commodity and Derivatives Exchange, turmeric for delivery in November rose by Rs 58, or 1.14%, to Rs 5,164 per quintal, with an open interest of 16,040 lots.

December turmeric traded higher by Rs 42, or 0.83%, to Rs 5,100 per quintal, with an open interest of 7,315 lots.

Marketmen said covering-up of positions at prevailing levels by speculators and a pick up in spot demand helped turmeric futures to trade higher, but hopes of higher supplies in the market capped the gains.