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Turmeric futures on the National Commodity and Derivatives Exchange Ltd had hit the upper circuit with a gain of four per cent at Rs 6,264 per quintal on Tuesday.
This was on the back of strong buying interest as spot prices in Erode crossed Rs 7,000 a quintal.
There was renewed buying interest among stockists on expectation of improvement in demand. The bullish trend in futures market may continue.
Production is expected to decline this season as farmers are shifting to other remunerative crops. They are focusing on other crops as turmeric takes longer time to grow and also due to lack of adequate water in main growing regions.
In Andhra Pradesh, farmers who grow turmeric have moved to soyabean, as it is not only more remunerative but also a shorter period crop. Spot prices at Nizamabad in Hyderabad touched Rs 6,000 a quintal.
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