Commodities

Low demand keeps wheat dara flat

Our Correspondent Karnal | Updated on August 02, 2013 Published on August 02, 2013

BL03_COM_WHEAT





Dara wheat prices in the physical market are likely to rule unchanged in the coming weeks on steady buying and ample stocks, said trade experts.

Radhey Sham, a commodity expert, told Business Line that the situation was anticipated in the market as domestic demand is not picking up and stocks are easily available.

It is unlikely to see any major alteration this month and market may continue to rule around current levels without much fluctuation, he added.

Around 1,000 bags of wheat arrived and stocks were directly offloaded at the mills.

In the physical market, after witnessing a fall earlier this week, dara wheat remained unchanged and sold at Rs 1,460-1,465 a quintal. Mill delivery was at Rs 1,460 a quintal while delivery at the chakki was at Rs 1,465 a quintal.

Similarly, desi wheat variety ruled flat and went for Rs 2,600-2,650 a quintal.

NCDEX

A mixed trend was witnessed on the National Commodity and Derivatives Exchange, wheat for August contracts improved by Rs 2 and traded at 1,559 a quintal with an open interest of 11,630 lots. The grain had touched a high at Rs 1,562 a quintal earlier in the day. September contracts were fluctuating between negative and positive territory through out the day and traded at Rs 1,572 a quintal.

In the spot market wheat spot prices on the exchange traded at Rs 1,500 a quintal.

According to the market experts, futures market has been ruling in a tight range and market may continue to witness a range-bound to weak tone in the coming days.

Flour Prices

Following a steady trend in wheat, flour too ruled flat and quoted at Rs 1,700 a quintal. On the other hand, Chokar moved further down by Rs 25 and sold at Rs 1,150 a quintal.

Published on August 02, 2013
This article is closed for comments.
Please Email the Editor