Barley futures hit upper circuit on strong demand

Barley prices shot up by four per cent to hit daily upper circuit in futures trading today on brisk buying by speculators, driven by firm spot markets sentiment.

Market analysts said heavy buying by alcohol-making industries was the main reason behind rise in barley futures prices. 

Strong demand from cattle-feed makers triggered by restricted supply from growing regions also helped to boosted the trading sentiments, they added.

At the National Commodity and Derivatives Exchange, barley for delivery in July rose by 4% by climbing Rs 59 to Rs 1,535.40 per quintal, with an open interest of 370 lots.

Barley prices for delivery in May also jumped up by Rs 48.80, or 3.43% to Rs 1,472 per quintal, with an open interest of 14,820 lots.