Turmeric up 4%; hits upper circuit on export demand

Spice for delivery in May moved up by 3.99%

Turmeric prices hit upper limit in futures trade trade by surging 4% to Rs 6,502 per quintal as speculators enlarged positions triggered by a pick-up in export demand.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April shot up by Rs 250, or 4%, to Rs 6,502 per quintal with an open interest of 420 lots.

Similarly, the spice for delivery in May moved up by Rs 252, or 3.99%, to Rs 6,572 per quintal in 12,600 lots.

Analysts said strong export demand in the spot markets helped turmeric futures to hit an upper circuits by surging 4% as speculators enlarged positions.