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Wheat futures drop 1.62% on higher supplies

Press Trust of India  |  New Delhi 

Wheat prices slipped by 1.62 per cent to Rs 1,700 per in futures trade today as speculators reduced holdings, triggered by sufficient stocks position on higher supplies in the spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in March moved down by Rs 28, or 1.62 per cent, to Rs 1,700 per with an open interest of 4,300 lots.

Similarly, the wheat for delivery in April contracts 6, or 0.34 per cent, to Rs 1,775 per in 910 lots.

Market analysts said offloading of positions by traders, driven by ample stocks position on increased arrivals from producing belts in the physical market against low demand attributed the fall in wheat futures.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 11:10 IST