Turmeric futures prices today went up by 4.03% to hit upper circuit at Rs 6,714 per quintal as participants engaged in creating positions on strong domestic demand for the festive season amid expectation of a decline in the area under cultivation.
Fall in supplies in the spot markets also influenced the prices.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September traded higher by Rs 260, or 4.03%, to hit upper circuit at Rs 6,714 per quintal, with an open interest of 12,985 lots.
The August contract shot up by Rs 206, or 3.29%, to Rs 6,470 per quintal, with an open interest of 15,070 lots.
Analysts said continued rise in turmeric futures is mainly due to speculative positions built-up by participants, driven by strong domestic and overseas demand and expectations of a decline in the area under cultivation, after prices fell sharply since last year.
