MUMBAI (Commodity Online): Turmeric futures touched upper circuit level Wednesday at the MCX counter on the back of intense buying with the strong fundamental support. Fundamentals such higher demand and lower supply continued to impact the spot market.

NCDEX turmeric April contract surged Rs 418 or 4% at Rs 10,854 a quintal.The contract had opened the day higher at Rs 10,645 a quintal and so far fluctuated between Rs 10,854- 10,645 a quintal.

May contract shoot up Rs 414 at Rs 10,825 a quintal and moved between Rs 10,828- 10,597 a quintal. Volumes in April and May contracts so far have been 1,780 and 3,710 tons respectively.

Turmeric futures traded on a strong positive note during yesterday’s trading session due continued buying on the exchange. NCDEX Has increased the special margin on turmeric futures from 10% to 20%, effective from 18 March 2010; so, the buying activity was continued till yesterday.

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The upside is also maintained in expectations of continuity of export demand for now. The most active NCDEX April contract upon a flat opening at 10034 levels, made an intraday high of 10436 levels, higher than the previous session’s high of 10034 levels. It made an intraday low at 9995 levels and settled the day at 10436 levels, with a positive change of 4.01%.

Turmeric futures are expected to trade sideways to lower during the day taking cues from the reports of increased special margin on long side in Turmeric futures.

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