Turmeric futures gain over 2% on upsurge in spot demand

NEW DELHI: Turmeric prices shot up by 2.29 per cent to Rs 6,780 per quintal in futures trading today as speculators indulged in creating fresh positions amid rising demand in the spot market.

Besides, tight stocks position in the physical market following fall in supplies from producing regions also supported the upside in turmeric prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September spurted by Rs 152, or 2.29 per cent, to Rs 6,780 per quintal with an open interest of 6,560 lots.

Similarly, the spice for delivery in August gained Rs 128, or 1.99 per cent, to Rs 6,548 per quintal in 11,265 lots.

Analysts said fresh positions built-up by speculators on the back of strong demand in the spot market pushed up turmeric prices at futures trade.