Wheat futures gain 1.83% on spot demand

Wheat prices moved up by 1.83 per cent to Rs 1,778 per quintal in futures trade today as speculators built up fresh positions, driven by pick up in demand from flour mills at the spot market against tight supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in November month rose by Rs 32, or 1.83 per cent to Rs 1,778 per quintal with an open interest of 8,130 lots.

Similarly, the wheat for delivery in December contracts moved up by Rs 30, or 1.71 per cent to Rs 1,780 per quintal in 90 lots.

Analysts said speculative positions built up by traders, driven by pick up in demand from flour mills against tight stocks position following fall in arrivals led to rise in wheat prices at futures trade.