Potato futures plunge 4%

Amid sluggish demand in the spot market, potato prices tumbled by nearly 4% to hit the lower circuit at Rs 430.40 per quintal in futures trade today.

Adequate stocks position following increased arrivals from the producing regions also weighed on the prices.

At the Multi Commodity exchange, September potato tumbled by Rs 17.90, or 3.99%, to hit the lower circuit at Rs 430.40 per quintal, with a business turnover of 33 lots.

The October contract also traded marginally lower by 30 paise, or 0.06%, to Rs 487.60 per quintal, with an open interest of 325 lots.

Marketmen attributed the sharp fall in potato futures prices to offloading of positions by speculators, triggered by a weak trend at the spot markets due to sluggish demand.