Turmeric prices surged by Rs 212, or 4.03%, to hit upper circuit at Rs 5,476 per quintal in futures trade today after participants created speculative positions, driven by deficient rains in key growing areas.
At the National Commodity and Derivatives Exchange, the August contract for turmeric climbed Rs 212, or 4.03%, to Rs 5,476 per quintal with an open interest of 19,560 lots.
The July contract jumped up by Rs 168, or 3.36%, to Rs 5,170 per quintal in 380 lots.
Analysts said a steep rise of over 4% in turmeric prices in futures attributed to a speculative positions created by traders, triggered by weak monsoon rains in key growing areas which may push back sowing operations, hurting the yield and the output.