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Wheat futures surge as speculators raise bets

Press Trust of India  |  New Delhi 

Wheat prices climbed 2.94 per cent to Rs 1,855 per quintal in futures trading today as speculators enlarged positions, driven by pick-up in demand at the spot market amid pause in arrivals.

At the National Commodity and Derivatives Exchange, wheat for delivery in far-month August shot up by Rs 53, or 2.94 per cent to Rs 1,855 per quintal with an open interest of 150 lots.

However, wheat for delivery in July contracts held steady at Rs 1,791 per quintal in 8,310 lots.

Analysts said widening of positions by traders following increased demand from flour mills in the physical market against restricted supplies from producing belts, mainly pushed up wheat prices at futures trade.

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

First Published: Tue, June 12 2018. 12:00 IST