MUMBAI (Commodity Online): Turmeric futures moved sharply up Friday on the back of lower stock piles and higher demand in the spot market.

NCDEX turmeric April contract on now quotes at Rs 10,930, up Rs 238 from last close. The counter moved in the range of Rs 11,097- Rs 10,651 per 100 kg. The open interest in the contract added 3.47 percent.

As expected, Turmeric futures opened on a positive note, but later turned to negative side on long liquidation on the exchange. Although, in the physical market arrivals were lower and spot rate has gone up further by Rs 500 to Rs 11,500 per quintal at the major market of Nizamabad.

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Higher production expectations are supportive for fall in prices. The most active NCDEX April contract upon a higher opening at 11072 levels, made an intraday high of 11289 levels, higher than the previous session’s high of 10854 levels. It made an intraday low at 10480 levels and settled the day at 10692 levels, declining by 1.49%.

Turmeric futures are expected to maintain its downtrend for the day due to continued long liquidation.

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