Wheat futures extend gain on increased demand

Wheat prices advanced by 0.66 per cent to Rs 1,670 per quintal in futures trading today as speculators engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in January gained Rs 11, or 0.66 per cent to Rs 1,670 per quintal with an open interest of 4,000 lots.
On similar lines, the wheat for delivery in February edged up by Rs 5, or 0.30 per cent to Rs 1,699 per quintal in 4,490 lots.
Analysts said widening of positions by traders on the back of rising demand in the physical market amid a pause in arrivals, mainly kept wheat prices higher at futures trade.