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Turmeric futures rose on Friday on bargain-buying, supported by hopes of a pickup in local demand in the festive season, while export demand also aided sentiment.
The most-actively traded turmeric contract for October delivery was up 1.68 per cent at Rs 4,966 per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1017 GMT. It fell 7.6 per cent between Sept. 3 and Sept. 12.
"Some bargain buying is seen after the recent fall in prices. Local demand may pick up ahead of festivals," said Sudha Acharya, an analyst at Kotak Commodities. At Nizamabad, a key market in Andhra Pradesh, spot turmeric edged up 26 rupees to Rs 4,968 per 100 kg.
Acharya expects the October contract to rise to Rs 5,040 in the near term.
Jeera, or cumin seed, futures rose due to overseas demand while a pickup in the local demand also supported the upside.
However, higher spot supplies and prospects of better sowing capped the gains. Traders expect jeera sowing to be better this season because of ample rains that have increased moisture in the soil.
Jeera is a winter crop sown from October. Farmers mainly depend on rains to moisten the land for sowing.
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