Spot demand lifts turmeric futures, climb 1.72 per cent

NEW DELHI: Amid pick up in domestic demand and tight supplies from producing belts, turmeric prices shot up by 1.72 per cent to Rs 8,156 per quintal in futures trade today as speculators widened positions.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September month jumped up by Rs 128, or 1.72 per cent to Rs 8,156 per quintal with an open interest of 21,785 lots.

Similarly, the spice for delivery in October contracts traded higher by Rs 122, or 1.48 per cent to Rs 8,388 per quintal in 10,730 lots.

Analysts said speculators enlarged positions, taking positive cues from spot market following upsurge in demand against restricted supplies from producing region mainly pushed up turmeric prices at futures trade.