Potato weakens by 0.2% on fresh supply pressure

Offloading of positions by speculators affected the prices

Potato prices drifted by 0.18% to Rs 1,115.40 per quintal in futures market today after speculators offloaded positions, triggered by supply pressure from producing regions against weak demand in the spot market.

At the Multi Commodity Exchange, potato for delivery in March softened by Rs 2, or 0.18% to Rs 1115.40 per quintal in business turnover of 134 lots.

Likewise, the potato for delivery in April weakened by Rs 1.40, or 0.12% to Rs 1158.40 per quintal in 24 lots.

Market analysts said offloading of positions by speculators, triggered by higher supplies from producing regions against subdued demand in the spot market led to decline in potato prices at futures trade.