Maize futures slips further on selling pressure

Maize futures prices extended losses by falling Rs 24.50 to Rs 1,173 per quintal in the futures trade today on sustained selling on the back of lower spot market sentiment.

Market analysts said fall in demand, amid increased supply, kept maize prices under pressure for the second consecutive day today.

Slackness in demand from biofuel making industries also influenced the market sentiment to some extent, they added.

At National Commodity and Derivatives Exchange counter, maize prices for far April-month delivery contract dropped further by Rs 24.50, or 2.05 per cent, to Rs 1,173 per quintal, with an open interest of 9,320 lots and near delivery in March slipped by Rs 14.50, or 1.23 per cent, to Rs 1,160.50 per quintal, with an open interest of 12,380 lots.

Meanwhile current February-month delivery contract lost by Rs 6.50, or 0.57 per cent, to Rs 1,136 per quintal, with an open interest of 20,260 lots.