Turmeric climbs 4%; hits upper circuit on export demand

NEW DELHI: Turmeric prices hit upper limit in futures trade trade by surging 4 per cent 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 per cent, 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 per cent, 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 per cent as speculators enlarged positions.