Wheat futures prices recover on spot demand

Wheat prices rose by Rs 12 to Rs 1,549 per quintal in futures trading today as speculators enlarged positions on the back of pick-up in spot demand for the festive season and hopes of a rise in overseas enquiries.

At National Commodity and Derivatives Exchange,wheat for delivery in November rose by Rs 12,or 0.78 per cent,to Rs 1,549 per quintal,with an open interest of 17,830 lots.

Likewise,the wheat for delivery in December traded higher by Rs 9,or 0.58 per cent,to Rs 1,556 per quintal,

with an open interest of 8,800 lots.

Marketmen said speculators enlarged positions on increased demand at spot markets for the ongoing festive and marriage season amid hopes of rise in exports demand,leading to the rise in wheat futures.