Wheat futures climb 2.50 pc on upsurge in demand

Wheat prices surged by 2.50 per cent to Rs 2,052 per quintal in futures market today as speculators built up fresh positions driven by upsurge in demand at the spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in December shot up by Rs 50, or 2.50 per cent to Rs 2,052 per quintal with an open interest of 6,520 lots.

On similar lines, wheat for delivery in far-month January traded higher by Rs 30, or 1.51 per cent to Rs 2,012 per quintal in 4,120 lots.

Analysts said speculative positions created by traders amid pick-up in demand from flour mills in the spot market helped wheat prices to trade higher at futures trade.