Potato extend losses on sluggish demand

Potato prices rose by Rs 6.40 to Rs 650 per quintal in futures trade today on profit-booking, amid sluggish demand at the spot market.

Adequate stock positions at spot markets following increased arrivals from producing regions also put pressure on the potato prices at futures market. 

At the Multi Commodity Exchange platform, potato for delivery in May-month contract declined by Rs 6.40, or 0.98 per cent to Rs 650 per quintal, with a business volume of four lots.

The potato for delivery in March-month contract fell by Rs 5.60, or 0.88 per cent to Rs 625.10 per quintal, with a business turnover of 233 lots, while April delivery slipped by Rs 5.40 or 0.72 per cent to Rs 613 per quintal, with a trading volume of 38 lots.

Traders said speculators booked profits at existing higher levels and weakening trend at the spot market led to a decline in potato prices at futures trade.