Commodities

Wheat up on firming trend at spot market

PTI New Delhi | Updated on June 21, 2011

Analysts said increased demand from flour mills at the spot markets, helped wheat prices to recover but reports of record procurement of grain by the government, coupled with an all-time high production of the rabi crop, restricted the gains.

Wheat futures prices recovered by 0.51 per cent to Rs 1,194 per quintal, supported by increased demand from flour mills at the spot markets.

However, record procurement of grain by the government, restricted the gains.

At the National Commodity and Derivatives Exchange, wheat for delivery in August rose by Rs 6 or 0.51 per cent to Rs 1,194 per quintal, with an open interest of 10,470 lots.

Similarly, wheat for delivery in July gained Rs 5.40 or 0.46 per cent to Rs 1,171 per quintal, with an open interest of 31,310 lots.

Analysts said increased demand from flour mills at the spot markets, helped wheat prices to recover but reports of record procurement of grain by the government, coupled with an all-time high production of the rabi crop, restricted the gains.

Published on June 21, 2011

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