MUMBAI (Commodity Online): Turmeric futures maintained to gain momentum on Wednesday after closing down yesterday, on the back of short covering.

NCDEX turmeric April contract shot up Rs 291 or 3.4% at Rs 9,120 a quintal. The contract had opened the day higher at Rs 8,842 a quintal and so far fluctuated between Rs 9,183- 8,803 a quintal. May contract gained Rs 270 at Rs 9,197 a quintal. Volumes in April and May contracts so far have been 8,900 and 3,330 tons respectively.

Turmeric futures traded on a negative note during Tuesday’s trading session due to long liquidation upon the exchange platform. Turmeric futures prices had been rising continuously since last week.

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However, the export demand is sustained for this spice and spot rate at Nizamabad remained steady on Tuesday.

The most active NCDEX April contract upon a higher opening at 9309 levels, made an intraday high of 9492 levels, higher than the previous session’s high of 9126 levels. It made an intraday low at 8770 levels and settled the day at 8829 levels, declining by 3.25%.

Turmeric futures are expected to maintain its downtrend for now due to continued long liquidation on the exchange.

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