Turmeric futures rises higher by Rs 20 per quintal on spot demand

Turmeric prices were trading up by Rs 20 to Rs 6,670 per quintal in futures trade Monday as participants built up fresh positions, mainly driven by an uptick in domestic demand at the spot market.

At the National Commodity and Derivatives Exchange,

turmeric for delivery in December was trading higher by

Rs 20, or 0.30 per cent, to Rs 6,670 per quintal with an open interest of 7,770 lots.

Similarly, the spice for delivery in November increased by Rs 16, or 0.24 per cent, to Rs 6,630 per quintal, with an open interest of 8,360 lots.

Analysts attributed the rise in turmeric prices at futures trade to building up of positions by speculators, driven by rising demand at the spot markets against restricted supplies from producing regions.