Maize gains over 4% in futures trade

Maize prices shot up by 4.04% to Rs 1,327.50 per quintal in futures trade today following aggressive buying, guided by firm overseas markets.

At the National Commodity and Derivatives Exchange, maize price for delivery in July climbed up by Rs 51.50, or 4.04% to Rs 1,327.50 per quintal, clocking an open interest of 1,640 lots.

Maize prices for June delivery also jumped up by Rs 49.50, or 4.01% to Rs 1,285 per quintal, revealing an open interest of 12,260 lots. 

Market analysts said traders preferred to increase their holdings in futures markets tracking higher international trend. Strong demand from bio-fuel and cattle-feed making industries also pushed up the commodity prices, they added.