The turmeric futures contract traded on the National Commodity and Derivatives Exchange (NCDEX) advanced 3.3 per cent to close at 8,166 a quintal last week. This bullish momentum extended Monday as well and the contract climbed 162 or 2 per cent to settle at ?8,328.

Last session, the contract advanced marginally by 0.4 per cent to trade at 8,364 a quintal.

After recording a multi-year high at 10,660, the contract reversed direction in December 2015. Since then, the contract has been on an intermediate-term downtrend.

However, in late January 2016 the contract found support in the band between 7,800 and 8,000. This base zone also provided support in late May and early June.