Barley hits upper circuit in futures trade, climbs 4%

Speculators widen positions on strong demand in physical market

Barley prices went up by 4 per cent to hit the upper circuit at Rs 1,420 per quintal as speculators indulged in widening positions, driven by a firming trend in the physical market on strong demand.

At the National Commodity and Derivatives Exchange, barley for delivery in April next year contracts soared by Rs 54, or four per cent, to hit upper circuit at Rs 1,420 per quintal, having an open interest of 70 lots.

The October contract was also trading higher by RS 28, or 2.24 per cent to Rs 1,277 per quintal, in an open interest of 10,710 lots.

According to marketmen, huge positions built up by speculators, driven by a firming trend at the physical market on strong demand from consuming industries amid low stocks, lifted barley futures to hit upper circuit.