Wheat futures recover on spot demand

Buoyed by increased demand from flour mills at the spot markets, wheat futures prices recovered by 0.42% as speculators created fresh positions.

At the National Commodity and Derivatives Exchange, wheat for July delivery rose by Rs 5, or 0.42%, to Rs 1,197 per quintal, with an open interest of 18,440 lots.

The June contract gained Rs 2.80, or 0.24%, to Rs 1,173 per quintal, with an open interest of 21,720 lots.

Analysts said pick-up in demand from flour mills at the spot markets, helped wheat prices to recover at futures trade but reports of record procurement of wheat by the government, coupled with an all-time high production of the rabi crop, restricted gains.  

 

Meanwhile, wheat procurement in the country broke a record with 26.43 million tonne purchases so far.