Turmeric futures surge over 3% on speculative buying

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NEW DELHI, MAR 6:

Turmeric futures prices on Wednesday shot up by 3.23 per cent to Rs 6,330 per quintal as speculators created fresh positions, driven by an improvement in demand in the spot market amid lower output expectations.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April climbed by Rs 198, or 3.23 per cent, to Rs 6,330 per quintal, with an open interest of 27,300 lots.

Likewise, the spice for delivery in May traded higher by Rs 200, or 3.20 per cent, to Rs 6,448 per quintal, with an open interest of 9,115 lots.

Marketmen said fresh positions created by speculators driven by an improvement in demand in the spot market and lower output concerns mainly led to recovery in turmeric futures.

Source: Business Line

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