Turmeric futures up on short covering

Turmeric futures staged a comeback to trade 0.45 per cent higher at Rs 9,360 per quintal today as speculators covered up their pending short positions at prevailing levels.

However, estimates of higher production and slack overseas demand, capped the gains.

At the National Commodity and Derivatives Exchange turmeric prices for delivery in June rose by Rs 42, or 0.45 per cent, to Rs 9,360 per quintal, with an open interest of 780 lots.

The spice for delivery in May also went up by Rs 34, or 0.36 per cent, to Rs 9,470 per quintal, with an open interest of 2,095 lots.

Analysts said covering-up of short positions by speculators,helped turmeric prices to rise at futures trade here but estimate of higher production and weak overseas demand, restricted gains.