Commodities

Wheat futures down on new crop arrival

PTI New Delhi | Updated on April 04, 2011

Weak trend at the spot markets due to subdued demand from flour mills also kept pressure on prices here. PHOTOKamal Narang   -  Business Line

Wheat prices fell by 0.88 per cent to Rs 1,150 a quintal today as speculators indulged in reducing their positions, driven by rising arrivals of the new crop in the markets.

Weak trend at the spot markets due to subdued demand from flour mills also kept pressure on prices here.

At the National Commodity and Derivatives Exchange, wheat for delivery in the current month lost Rs 10.20, or 0.88 per cent, to Rs 1,150.20 a quintal, with an open interest of 8,470 lots.

Similarly, wheat for delivery in May traded Rs 7.80 or 0.67 per cent lower at Rs 1,161 a quintal, with an open interest of 28,630 lots.

Analysts attributed the fall in prices to adequate stocks in the spot markets following rising arrivals of the newly harvested crop.

Meanwhile, arrivals have started in Madhya Pradesh and Gujarat, while supplies would start from Punjab.

Published on April 04, 2011

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