Potato prices hit upper circuit 4% as demand picks up

Fresh buying by speculators, rise in demand in the spot market helped potato futures to trade higher

Potato prices hit daily upper limit of 4% to Rs 722.50 per quintal in futures trade today as speculators created fresh positions, driven by increased buying in spot market amid fall in supplies.

At the Multi Commodity Exchange, potato for delivery in August rose by Rs 27.70, or 4%, to Rs 722.50 per quintal, with a business turnover of 45 lots.

Potato for delivery in September gained Rs 25.80, or 4%, to Rs 670.80 per quintal in 26 lots.

Marketmen said fresh buying by speculators following a rise in demand in the spot market against restricted arrivals from producing belts mainly helped potato futures to trade higher.