Turmeric futures up on spot demand, lower output estimates

NEW DELHI: Buoyed by rising demand at domestic spot markets and lower output estimates, turmeric prices rose further by over 1 per cent in futures trade today as speculators engaged in enlarging their positions.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April shot up by another Rs 72, or 1.09 per cent to Rs 6,656 per quintal in an open interest of 23,625 lots.

On similar lines, spice for delivery in May traded higher by Rs 58, or 0.87 per cent to Rs 6,696 per quintal in 5,845 lots.

Market experts attributed persistent rise in turmeric futures to strong demand at spot markets and expectations of a drop in output next year due to lower area under cultivation.