Barley futures down on selling pressure

Barley prices declined by Rs 23.20 to Rs 1,230 per quintal in the futures trading today, following increased selling by speculators in tandem with a weak spot markets sentiment. 

Market analysts said increased supply along with reduced offtake in physical markets mainly put pressure on barley futures prices.

Slackness in demand from beer making industries also influenced trading sentiments, they added. 

At the National Commodity and Derivatives Exchange, barley futures price for delivery in June dropped by Rs 23.20, or 1.85%, to Rs 1,230 per quintal, with an open interest of 560 lots.

Barley prices for delivery in April shed Rs 11, or 0.95%, to Rs 1,142.60 per quintal, with an open interest of 3,510 lots.

 

Likewise, barley for delivery in May shed Rs 8.80, or 0.73%, at Rs 1,200 per quintal, clocking an open interest of 11,730 lots.