MUMBAI (Commodity Online): Turmeric futures rose on short covering by the traders on the back of rising demand in the domestic as well as overseas markets.
In NCDEX turmeric February contract is trading at Rs.4692 per quintal, higher by 1.42 per cent on 14:45 IST against the previous close.
In the morning session the contract traded at a range of Rs.4610-4736 per quintal. Open interest of the contract is 10745 lots and volume traded is 4530 lots for the time being.
According to trade sources, ex-porters are buying good amount of fresh crop which might support the prices. However, farmers might increase supply at spot market to 10,000 bags from next week which might weigh on prices in near term. By mid Feb, around 65 lakh bags (10 lakh carry forwards & 45 lakh bags new crop) are expected to arrive in Erode.
