Uptick in demand lifts wheat futures by 0.72%

Wheat prices moved up by 0.72 per cent to Rs 1,970 per quintal in futures trading today as speculators built up fresh positions, driven by upsurge in demand at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month February 2017 rose by Rs 14, or 0.72 per cent, to Rs 1,970 per quintal, with an open interest of 700 lots.
Likewise, the wheat for delivery in January gained Rs 9, or 0.45 per cent, to Rs 1,995 per quintal in 3,800 lots.
Analysts said speculative positions created by traders amid pick-up in demand from flour mills in the spot market helped wheat prices to trade higher at futures trade.