Turmeric hits upper limit, up 4.01% as demand picks up

Turmeric prices surged by Rs 520 to hit daily upper limit set by the exchange to Rs 13,476 per quintal in futures trade today as speculators continued to enlarge their positions on rising demand against tight supply.

Improved local demand in view of marriage season also supported the prices.

At the National Commodity and Derivatives Exchange, turmeric for December month contract surged by Rs 520, or 4.01 per cent to Rs 13,476 per quintal with an open interest of 4085 lots.

Similarly, the spices for delivery in November contract jumped up by Rs 516, or 4.01 per cent to Rs 13,390 with an open interest of 7305 lots.

Analysts said rising demand at spot markets supported by the ongoing marriage season mainly led to a surge in turmeric futures prices here.