Turmeric futures up on firm overseas demand

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SummaryTurmeric prices rose sharply by 1.62 per cent to Rs 5,282 per quintal in futures trading today.

Turmeric prices rose sharply by 1.62 per cent to Rs 5,282 per quintal in futures trading today as speculators created fresh positions driven by some export demand.

However, higher inventories and expectations of fresh supplies from new season crop, limited the gains.

At the National Commodity and Derivatives Exchange, turmeric for delivery in December spurted by Rs 84, or 1.62 per cent, to Rs 5,282 per quintal, with an open interest of 1,350 lots.

Similarly, the spice for delivery in far-month, April traded higher by Rs 28, or 0.45 per cent, to Rs 6,280 per quintal, with an open interest of 21,020 lots.

Marketmen said fresh positions created by speculators on the back of some overseas demand in spot markets influenced turmeric futures prices, but higher inventories and approaching supply season, restricted the gains.

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