Commodities

Flour mills’ unexpected buying lifts wheat

Our Correspondent Karnal | Updated on October 09, 2012 Published on October 09, 2012

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A sudden demand for flour pushed up its prices as well as that of dara wheat on Tuesday. Dara wheat and flour prices increased by Rs 50-100 for a quintal and 90-kg bag, respectively.

“The uptrend was not anticipated but frantic buying by the flour mills to meet the current demand led dara wheat and flour prices upwards,” said Satish Kumar, a wheat trader.

Lower supplies in the market are also a reason behind the uptrend, he said. After witnessing a fall of around Rs 100 a quintal last week, market has recovered on Tuesday and is likely to rule stable this week as traders are expected to hold their positions, said market sources.

In the physical market, dara went up by Rs 50 and quoted at Rs 1,460-1,470 a quintal.

Around 500 quintals of dara variety arrived from Uttar Pradesh the stocks were directly offloaded at the mills.

Mill delivery was Rs 1,460-1,465 while delivery at the chakki was Rs 1,470 a quintal.

On the National Commodity and Derivatives Exchange, wheat for October delivery increased by Rs 37 and traded at Rs 1,588 .

November contracts went up by Rs 16 to Rs 1,564 .

Wheat Spot prices on the exchange ruled at Rs 1,440 a quintal.

Flour Prices

An increase in domestic demand for flour coupled with an uptrend in wheat prices, pushed flour prices up by Rs 100 and quoted at Rs 1,490 for a 90-kg bag.

On the other hand, Chokar ruled flat and sold at Rs 670 for a 49-kg bag.

Published on October 09, 2012
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