Wheat futures prices up 1% on festive season demand

Wheat futures prices today rose by 1.33 per cent to Rs 1,605 per quintal

Written by Agencies | New Delhi | Published: October 17, 2012 1:55 pm

Wheat futures prices today rose by 1.33 per cent to Rs 1,605 per quintal as participants created speculative positions,driven by a surge in demand for the ongoing festival season and on tight supplies.

At the National Commodity and Derivatives Exchange,wheat for delivery in October shot up by Rs 21,or 1.33 per cent,to Rs 1,605 per quintal,with an open interest of 4,200 lots.

Meanwhile,wheat prices have gone up by almost 7 per cent during the month so far as demand for the grain and its products rise during festivals season.

Analysts attributed persistent rise in wheat prices at futures trade to huge positions built-up by speculators after demand for the grain from flour mills picked-up in spot

markets for the festivals season.

Besides,lower supplies in the market also influenced wheat prices,they said.

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