Wheat futures extend gains, up 0.42 pc on rising demand

Wheat prices rose further by 0.42 per cent to Rs 1,673 per quintal in futures market today as speculators engaged in enlarging positions, tracking a firm trend at spot market on rising demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in January was trading higher by Rs 7, or 0.42 per cent, to Rs 1,673 per quintal with an open interest of 8,400 lots.
However, wheat for delivery in February held steady at Rs 1,704 per quintal in 20 lots.
Analysts said widening of positions by traders on the back of rising demand from flour mills in the physical market amid pause in arrivals from producing belts, mainly kept wheat prices higher at futures trade.