Barley tumbles on weak spot cues

Accelerating supply vs fall in demand put pressure on prices

Barley prices plunged by Rs 35.50 to Rs 1,205 per quintal in future trading today following all round selling by traders in line with weak physical markets sentiment.

Marketmen said accelerating supply against fall in demand at higher levels in spot markets mainly put pressure on price.

Poor offtake by beer and cattle feed making industries also influenced the trading sentiments, they said.

At the National Commodity and Derivatives Exchange, barley for June delivery plummeted by Rs 35.50, or 2.86%, to Rs 1,205 per quintal, with an open interest of 5,490 lots.

For the September contract, prices fell by Rs 38, or 2.89%, to Rs 1,275 per quintal, with an open interest of 80 lots.

The prices for delivery in July declined by Rs 30.50, or 2.43%, to Rs 1,227 per quintal, with an open interest of 30,920 lots.