Uptick in demand lifts wheat futures by 0.74 pc

Wheat prices rose 0.74 per cent to Rs 1,775 per quintal in futures market today as speculators created fresh positions, driven by pick-up in demand in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month November rose by Rs 13, or 0.74 per cent to Rs 1,775 per quintal with an open interest of 490 lots.
Likewise, the wheat for delivery in October was trading higher by Rs 11, or 0.63 per cent to Rs 1,759 per quintal in 15,840 lots.
Analysts said positions built up by traders amid pick-up in demand from flour mills in the spot market against tight arrivals led to the rise in wheat prices at futures trade.

Meanwhile, the Centre is considering slashing import duty on wheat to either 10 per cent or 15 per cent to boost domestic supplies in view of a shortfall in domestic output.