Turmeric futures up over 1 per cent on thin supply

NEW DELHI: Turmeric futures prices today recovered by 1.07 per cent to Rs 6,068 per quintal as speculators created positions driven by thin supplies in the spot markets amid a decline in area under cultivation.

At the National Commodity and Derivatives Exchange, turmeric for delivery in September rose by Rs 64, or 1.07 per cent, to Rs 6,068 per quintal, with an open interest of 13,570 lots.

The spice for delivery in October also up by Rs 40, or 0.66 per cent to Rs 6,056 per quintal, with an open interest of 16,855 lots.

Marketmen said the rise in turmeric futures was mostly on fresh positions created by speculators following thin supplies in the spot markets due as farmers held back stocks in anticipations of a rise in prices in coming days.

Besides, a decline in area under cultivation also influenced prices, they said.