Turmeric hits upper circuit, climbs 4% on spot demand

Supported by a firm demand at the spot markets coupled with speculators covering-up short positions, turmeric prices flared up by 4.01 per cent to hit the Rs 12,874 per quintal level. 

However, hopes of bumper output this year, capped gains.

At the National Commodity and Derivatives Exchange counter, turmeric for delivery in November traded higher by Rs 496, or 4.01 per cent, to Rs 12,874 per quintal, with an open interest of 3,860 lots.

It ended 0.66 per cent low at Rs 12,378 per tonne in the previous session.

The spice for delivery in December contract also went up by Rs 500, or 4.01 per cent to Rs 12,956 per quintal in an open interest of 8,115 lots.

Analysts said rising demand at spot markets on the back of the ongoing marriage season mainly led to a surge in turmeric futures prices here but expectations of higher production this year, restricted gains.