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Wheat prices fell by 0.49 per cent to Rs 1,178 a quintal today due to offloading of stocks by speculators amid rising arrivals of the new crop in the markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May lost Rs 5.80 or 0.49 per cent to Rs 1,178 a quintal, with an open interest of 32,430 lots.
Similarly, the wheat for delivery in April traded Rs 4.60 or 0.39 per cent lower at Rs 1,165 a quintal, with an open interest of 8,130 lots. It had closed 0.3 per cent higher at Rs 1,169.60 a quintal in yesterday’s trade.
Analysts attributed the fall in prices to rising arrivals of the newly harvested crop in the markets. Meanwhile, arrivals have started in Madhya Pradesh and Gujarat, while supplies would start from Punjab and Haryana.
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