India:Wheat futures recover on spot demand

Wheat futures traded Rs 1.80 or 0.14 per cent higher at Rs 1,283.20 per 100 kg, buoyed by rising demand from flour mills at spot markets and reports that the government will consider imposition of import duty on grain, reported “Kazakh-Zerno” NA with reference to the “Business Standard“.

However, the government decision to release five million tonnes of grain in the open market besides availability of adequate stocks in the spot market, limited gains.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in far-month October contract recovered by Rs 1.80 or 0.14 per cent to Rs 1,283.20 per 100 kg, with an open interest of 5,960 lots.

The grain for delivery in August contract also traded Rs 1.40 or 0.11 per cent higher, at Rs 1,250.60 per 100 kg, with an open interest of 22,660 lots. It ended 0.23 per cent down at Rs 1,249.20 per 100 kg.

Similarly, delivery in current September month contract gained Rs 0.40 or 0.03 per cent, to Rs 1,267.20 per 100 kg, with an open interest of 9,530 lots.

Analysts said rise in wheat prices at futures market was due to increased demand from flour mills and reports that the government would consider imposition of import duty on the grain.

They said, however, government’s decision to release five million tonnes of grain for open market sales, capped gains.

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