Maize slips 1.8% on weak physical demand

Maize futures prices today declined by Rs 25 to Rs 1,335 per quintal, on selling by traders in line with weak overseas and domestic markets cues.

Traders said mounting of stocks on increased supply of fresh crops against reduced off take in markets mainly led to fall in prices.

Fall in the prices at international markets also dampened the sentiment, traders said.

At the National Commodity and Derivatives Exchange, maize prices for October contract fell by Rs 25, or 1.84%, to Rs 1,335 per quintal with an open interest of 13,170 lots.

Prices for most active August contract, too, dropped by Rs 23, or 1.63%, to Rs 1,385 per quintal, clocking an open interest of 60,970 lots.

Current July month contract also slided by Rs 22, or 1.61%, to Rs 1,347 per quintal, having an open interest of 23,140 lots.