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Wheat recovers on spot market demand

The August delivery also rose by similar margin to Rs 1,170 per quintal

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today recovered by 0.52% to Rs 1,152 per quintal as speculators created fresh positions at prevailing levels amid pick up in demand at spot market.

However, record procurement of grain in the ongoing rabi marketing season on the back of record output restricted the gains.

At National Commodity and Derivatives Exchange, the July wheat traded Rs 6, or 0.52%, higher at Rs 1,152 per quintal, with an open interest of 3,000 lots.

The August delivery also rose by similar margin to Rs 1,170 per quintal, with an open interest of 19,170 lots.

Meanwhile, a record production of wheat has helped procurement of the essential staple rise by 34% to a record 36.55 million tonnes (mt) this year so far.

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