Potato down 4% on selling pressure

Potato prices continued to slide for the third straight day by losing by Rs 21.60, or 4% to Rs 517.70 per quintal in futures trade today as speculators off-loading their positions at existing higher levels triggered by reduced offtake in the spot market.

At the Multi Commodity Exchange, October potato plunged by Rs 21.60, or 4% to Rs 517.70 per quintal with a business volume of 1,599 lots.

The potato for delivery in September month also declined by Rs 13.90, or 2.82% to Rs 478.40 per quintal clocking a business volume of 722 lots.

The continued fall in potato prices mostly attributed on increased selling by speculators influenced by subdued demand in the spot market traders said.

They said fresh arrival from producing regions also put pressure on the prices.