Turmeric up 1.2% on spot demand

Analysts said fresh positions built-up by speculators after demand picked up in the spot market mainly led to rise in the prices

Turmeric prices traded higher by 1.24% to Rs 6,354 per quintal today as speculators created fresh positions, supported by rising demand in the spot market.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April rose by Rs 78, or 1.24%, to Rs 6,354 per quintal with an open interest of 9,360 lots.

Similarly, the spice for delivery in May moved up by Rs 76, or 1.20%, to Rs 6,400 per quintal in 9,070 lots.

Analysts said fresh positions built-up by speculators after demand picked up in the spot market mainly led to rise in turmeric prices at futures trade.