Adequate stocks position drag down wheat futures by 1.05%

Wheat prices fell by 1.05 per cent to Rs 1,695 per quintal in futures trade today after speculators reduced exposure, triggered by ample stocks position at the spot markets against low demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in November fell by Rs 18, or 1.05 per cent to Rs 1,695 per quintal with an open interest of 5,880 lots.

Similarly, the wheat for delivery in December contracts declined by Rs 14, or 0.81 per cent to Rs 1,722 per quintal in 5,390 lots.

Analysts said offloading of positions by participants amid sufficient stocks position on increased supplies from producing belts in the physical market against subdued demand, mainly weighed on wheat prices at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)