Turmeric surges 1.93% in futures trade on rising demand

Turmeric prices shot up by 1.93 per cent to Rs 6,440 per quintal in futures trade today as speculators indulged in creating fresh positions amid rising domestic as well as export demand.

Besides, tight stocks position in the physical market on restricted arrivals from producing belts supported the upside.

At the National Commodity and Derivatives Exchange, turmeric for delivery in December month jumped up by Rs 122, or 1.93 per cent, to Rs 6,440 per quintal with an open interest of 8,645 lots.

Similarly, the spice for delivery in far-month April contracts moved up by Rs 72, or 0.98 per cent to Rs 7,450 per quintal in 13,970 lots.
 

Analysts said fresh positions built-up by speculators driven by rising domestic and export demand in the spot market against tight supplies from producing belts mainly led to the rise in turmeric prices in futures trade.