Speculators Slowly Drive Turmeric Prices Upward
Turmeric prices rose by over 3% to Rs 4,588 ($86.80, €66.48, £55.38) per quintal in futures trade this week, as speculators created fresh positions, driven by a rise in spot demand.
Restricted supplies following holding back of stocks by speculators on hopes of an improvement in prices in coming days, also supported the rise.
At the National Commodity and Derivatives Exchange, turmeric for delivery in April rose by Rs 140 ($2.65, €2.03, £1.69) or 3.15%, to Rs 4,588 ($86.80, €66.48, £55.38) per quintal, with an open interest of 10,115 lots.
The May contract moved up by Rs 54 ($1.02, €0.78, £.065) or 1.23%, to Rs 4,444 ($84.08, €64.39, £53.65) per quintal, with a business turnover of 2,245 lots.
Analysts said apart from pick-up in demand in the spot market, holding back of stocks by speculators on hopes of rise in prices in coming days,also led to the rise in turmeric prices at futures trade in India.
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