Wheat futures climb 1.64 pc on uptick in demand

Wheat prices surged by 1.64 per cent to Rs 2,044 per quintal in futures trade today as participants enlarged positions, tracking a firm trend at spot market on uptick in demand in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December shot up by Rs 33, or 1.64 per cent to Rs 2,044 per quintal with an open interest of 7,260 lots.
Likewise, the wheat for delivery in November gained Rs 30, or 1.50 per cent to Rs 2,028 per quintal in 8,660 lots.
Analysts said widening of positions by traders owing to pick-up in demand from flour mills in the spot market against tight stocks position on fall in supplies, mainly pushed up wheat prices at futures trade.