Turmeric futures rise on strong demand

NEW DELHI: Turmeric prices edged up by Rs 358 or 2.79 per cent at Rs 13,191 per quintal, supported by high exports and spot demand.

Holding back of stocks by farmers in anticipation of better prices also influenced turmeric futures prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in June rose Rs 358, or 2.79 per cent to Rs 13,191 per quintal in an open interest of 9,380 lots.

Similarly, the spice for delivery in May also gained Rs 335, or 2.59 per cent at Rs 13,253 per quintal, with an open interest of 13,770 lots. It had spurted by 4 per cent to Rs 12,918 per quintal in the previous session.

Market analysts attributed the rise in the turmeric prices at futures market to pick up in export as well as domestic demand.