Demand push for barley

COMMODITY SPIKES

Last week, the June futures on the National Commodity and Derivatives Exchange (NCDEX) rose by over 5 per cent, whereas in Rajasthan's (the leading barley growing state) spot market, prices surged by 6 to 8 per cent.

The stock level in the spot market is low and farmers are still holding on to a chunk of the grain, leading to a spurt in prices.

 

According to a Jaipur-based barley trader, the last fortnight saw barley prices rising by Rs 100 a quintal to Rs 1,200 a quintal.

He added that prices could go further up by Rs 20-25 a quintal, which will be followed by a decline in rates. The country's barley production is believed to be close to 1.6 million tonnes this season.

On the NCDEX, the June futures closed on Saturday at Rs 1,232 a quintal against the previous week's close of Rs 1,171 a quintal.