Potato hits upper circuit, surges 4% on better spot demand

Potato prices rose by Rs 22.90, or 4 per cent to hit upper circuit, to Rs 596 per quintal in futures market today, as traders enlarged positions, driven by good spot demand for the ongoing marriage and festive season.

In addition, restricted supplies from producing belts due to heavy rains, also influenced potato futures.

At the Multi Commodity Exchange platform, potato for October-month contract gained Rs 22.90, or four per cent to hit upper circuit at Rs 596 per quintal, with a trading volume of 684 lots.

Likewise, potato for April contract traded higher by Rs 14.40, or 2.25 per cent, to Rs 651.90 per quintal, with a business volume of 49 lots, while March delivery up by Rs 11.30, or 1.76 per cent, to Rs 652.50 per quintal, with a business volume of 423 lots.

 

Marketmen said firming trend at the spot markets on seasonal demand and restricted supplies from producing regions such as Haldwani and Agra following heavy rains, attributed to the rise in potato futures prices here.