Turmeric futures hit upper limit of 4 pc on lower output hopes

NEW DELHI: Turmeric prices spurted to hit daily upper limit of four per cent to Rs 6,414 per quintal in futures trade today as speculators enlarged their positions, triggered by reports of lower output after farmers cut the area under cultivation.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April spurted by Rs 248, or 4.02 per cent to Rs 6,414 per quintal with an open interest of 27045 lots.

Similarly, the spice for delivery in May jumped up by Rs 252, or 4.02 per cent to Rs 6522 per quintal in 7985 lots.

Market analysts said speculators enlarged their positions, mainly led the upsurge in turmeric prices to hit upper limit at futures trade.