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Barley futures plunged by Rs 51.80 to Rs 1,284.20 a quintal on Saturday following all-round selling by traders in line with increased arrivals in local markets.
Marketmen said after two day’s sharp rise last week, traders preferred to book profits at existing higher levels, driven by increased arrivals. Poor offtake by alcohol and cattle feed making industries also influenced the trading sentiment, they added.
At the National Commodity and Derivatives Exchange, barley price for March contract plummeted by Rs 51.80 or 3.88 per cent to Rs 1,284.20 a quintal, with an open interest of 1,180 lots.
The April contract also dropped by Rs 48.20 or 3.83 per cent to Rs 1,209.20 a quintal, with an open interest of 3,030 lots.
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