Turmeric futures trade higher on short-covering, spot demand

NEW DELHI: Amid covering-up of pending short positions by speculators and better demand in spot markets, turmeric prices recovered by Rs 58 to Rs 5,164 per quintal in futures trading today.

At the National Commodity and Derivatives Exchange, turmeric for delivery in November rose by Rs 58, or 1.14 per cent, to Rs 5,164 per quintal, with an open interest of 16,040 lots.

Similarly, the spice for delivery in December traded higher by Rs 42, or 0.83 per cent, to Rs 5,100 per quintal, with an open interest of 7,315 lots.

Marketmen said covering-up of positions at prevailing levels by speculators and a pick-up in spot demand, helped turmeric futures to trade higher but hopes of higher supplies in the market, capped the gains.