Potato futures hit lower limit on profit-booking

Potato prices fell by 4 per cent to Rs 601.20 per quintal in futures trade today as speculators continued to reduce their positions for the sixth straight day amid a weak trend in the spot market.

All three running contracts lost 4 per cent in today's session, the maximum limit permitted by the Forward Markets Commission.

At the Multi Commodity Exchange, potatoes for October contract delivery declined by Rs 25.10, or 4 per cent, to Rs 601.20 per quintal in a trading volume of 1,670 lots.

Potatoes for April delivery also lost Rs 23.80, or 4 per cent, to Rs 571.60 per quintal in 266 lots.

 

Similarly, potatoes for March delivery plunged by Rs 24.60, or 4 per cent, to Rs 591.30 per quintal in 2,127 lots.

Traders said profit-booking by speculators at existing higher levels and a weakening trend in the spot market prompted speculators to sell their holdings.