Wheat futures gain 0.85 pc on spot demand

Wheat prices were trading up by 0.85 per cent to Rs 1,665 per quintal in futures trading today as speculators built up fresh positions amid pick-up in demand at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in July rose by Rs 14, or 0.85 per cent, to Rs 1,665 per quintal with an open interest of 1,230 lots.
On similar lines, wheat for delivery in August traded higher by Rs 7, or 0.42 per cent, to Rs 1,672 per quintal in 21,930 lots.
Analysts said fresh positions created by traders due to pick-up in demand from flour mills in the physical market amid pause in supplies mainly influenced wheat prices at futures trade.