Turmeric futures gain on less stocks

Turmeric continued to trade in positive territory in futures trade with prices rising by Rs 78 to Rs 9,396 per quintal today, powered by depleting stocks and bargain buying. 

However, hopes of increased supplies in the spot market in coming days on higher estimated production, restricted gains. 

At the National Commodity and Derivatives Exchange (NCDEX), turmeric prices for delivery in June rose Rs 78, or 0.84 per cent, to Rs 9,396 per quintal, with an open interest of 790 lots.

The spice for delivery in April gained Rs 8, or 0.08 per cent, to Rs 9,990 per quintal, with an open interest of 6,540 lots. 

Analysts said the rise in turmeric futures was supported by less stocks amid bargain buying at the spot market but hopes of increased supply in coming days, capped the gains.