Potato falls by 4%, hits lower limit

Fall in demand in the spot market against increased supplies affected prices

Potato prices plunged by 4% to hit lower limit at Rs 768.50 per quintal in futures trade today as speculators offloaded their positions, triggered by a fall in demand in the spot market against increased supplies.

 

At the Multi Commodity Exchange, potato for delivery in September month tumbled by Rs 32, or 4% to Rs 768.50 per quintal in business turnover of 351 lots.

 

The potato for delivery in August contract also lost Rs 26.20, or 3.28% to Rs 773.10 per quintal in 17 lots.

 

Market analysts said offloading of positions by speculators due to fall in demand in the spot market against increased supplies from producing regions mainly pulled down potato prices by 4% to hit lower limit at futures trade.