Wheat prices drifted further lower by 0.43 per cent to Rs 1,626 per quintal in futures trade today as speculators engaged in reducing their positions, triggered by adequate stocks positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 7, or 0.43 per cent, to Rs 1,626 per quintal, with an open interest of 9,460 lots.
On similar lines, the wheat for delivery in September shed Rs 6, or 0.36 per cent, to Rs 1,650 per quintal in 12,580 lots.
Analysts said offloading of positions by traders, driven by sufficient stocks position on increased supplies from producing belts in the physical market against subdued demand from flour mills, mainly kept wheat prices down at futures trade.
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