Comments
Reduced off-take coupled with easy availability of stocks pulled dara wheat and flour prices down by ₹15-25 a quintal on Friday.
Radhey Shyam, a commodity expert, told Business Line that absence of bulk buying dragged wheat and flour. Following fears that prices will drop in the near future, demand at present in the local market is quite low and only need-based buying is taking place in the market, he said. Traders expect that wheat prices to fall further next week.
In the physical market, dara wheat dropped further by ₹15 and sold at ₹1,545-1,550 a quintal. Around 900 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,545 a quintal while delivery at the chakki was at ₹1,550 a quintal
Dara wheat and flour prices have come down by ₹45 a quintal and ₹75 a quintal respectively over the last 3 days.
NCDEX A negative tone was witnessed on the National Commodity and Derivatives Exchange. April contracts went down by ₹8 to ₹1,552 a quintal with an open interest of 7,040 lots. The grain had made a low at ₹1,548 a quintal earlier in the day.
April contracts have some support at ₹1,545 a quintal while resistance at ₹1,570 a quintal. May contracts dropped by ₹12 and traded at ₹1,544 a quintal.
Flour Prices Following a down trend in wheat, flour too dropped by ₹25 and sold at ₹1,750 a quintal. Similarly, Chokar eased by ₹20 and sold at ₹1,230 a quintal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.