Wheat moved up by 0.41 per cent to Rs 1,701 per quintal in futures trade today as speculators built up fresh positions, triggered by tight stocks in the spot markets on fall in supplies from producing belts.
At the National Commodity and Derivatives Exchange, wheat for delivery in June month rose by Rs 7 or 0.41 per cent to Rs 1,701 per quintal with an open interest of 5,940 lots.
Likewise, the wheat for delivery in far-month July contracts edged higher by Rs 6 or 0.35 per cent to Rs 1,729 per quintal in 26,950 lots.
Analysts said speculative positions created by participants, driven by tight stocks position on tight supplies from producing regions in the physical market amid pick up in demand from flour mills led to the rise in wheat prices at futures trade.
