Turmeric futures up on spot demand, lower output estimates

NEW DELHI: Supported by rising demand at domestic spot markets and lower output estimates, turmeric prices edged higher by 1.18 per cent in futures trade today as speculators engaged in enlarging their positions.

At the National Commodity and Derivatives Exchange, turmeric for delivery in far-month May spurted by Rs 80, or 1.18 per cent to Rs 6,864 per quintal with an open interest of 6,565 lots.

On similar lines, spice for delivery in April traded higher by Rs 46, or 0.68 per cent to Rs 6,766 per quintal in 2,900 lots.

Market experts attributed persistent rise in turmeric futures to strong demand in spot markets and estimates of a lower output but mounting stocks and weak exports limited the gains.