Turmeric up 3.1% on pick up in spot demand

Spice for delivery in December edged up by 1.27%

Turmeric futures prices today rose by 3.16% to Rs 4,702 per quintal as speculators enlarged their positions supported by a pick up in demand amid restricted arrivals from producing belts.

At the National Commodity and Derivatives Exchange, turmeric for delivery in November gained Rs 144, or 3.16%, to Rs 4,702 per quintal, with an open interest of 310 lots.

Likewise, the spice for delivery in December edged up by Rs 60, or 1.27%, to Rs 4,796 per quintal, with an open interest of 1,027 lots.

Analysts attributed the rise in turmeric futures to increased buying by speculators on pick up in demand in the spot market amid fall in arrivals from producing belts.