Turmeric hits upper circuit on high local demand

Turmeric futures prices hit the daily upper limit of 4% by gaining Rs 222 to Rs 5,758 per quintal today on hectic buying by speculators supported by hopes of some recovery in local demand for the ongoing festive season.

At the National Commodity and Derivatives Exchange, November turmeric hit daily upper limit by jumping Rs 222, or 4.01%, to Rs 5,758 per quintal, with an open interest for 10,990 lots, while October contract spurted by Rs 218, or 4.01%, to Rs 5,650 per quintal, with a business volume of 7,085 lots.

The December contract moved up by Rs 216, or 4.03%, to Rs 5,576 per quintal, with a trade turnover of 6,840 lots.

Traders said fresh buying by traders, supported by some local demand in the spot market against restricted arrivals from producing belts, mainly led to the rise in turmeric prices in futures trade.