Wheat up 0.5% on short-covering

Pick up in demand from flour mills in spot market influence prices

Supported by covering-up of short positions by speculators and a pick up in spot demand, wheat prices rose 0.50% to Rs 1,620 per quintal in futures trade today.

At the National Commodity and Derivatives Exchange, wheat for delivery in December edged higher by Rs 8, or 0.50%, to Rs 1,620 per quintal in an open interest of 680 lots.

January wheat gained Rs 2, or 0.13%, to Rs 1,597 per quintal, having an open interest in 13,580 lots.

Marketmen attributed the rise in wheat prices at futures trade to covering-up of short positions by speculators amid a pick up in demand from flour mills in spot markets.