Maize futures up on spot demand

Maize prices rose Rs 17 to Rs 1,168 per 100 kg in futures trade, as traders preferred to enlarge holdings on the back of firm spot market sentiment.

Marketmen said apart from arrivals of new crop into the market, brisk buying by biofuel manufacturing industries, encouraged traders to raised holdings.

At the National Commodity and Derivatives Exchange, maize prices for May contract hardened by Rs 17, or 1.17 per cent, to Rs 1,168 per 100 kg, with an open interest of 580 lots.

Current January contract moved up by Rs 3.50 or 0.33 per cent to Rs 1,074 per 100 kg, with an open interest of 1,110 lots. 

The February contract also remained in keen demand and gained Rs 3 or 0.27 per cent to Rs 1,117 per 100 kg, with an open interest of 18,870 lots.