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Wheat futures down in mixed trade on high production hopes

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Press Trust of India New Delhi

In somewhat mixed trend, wheat futures traded 0.64 per cent lower at Rs 1,398 per quintal today at the National Commodity and Dderivatives Exchange (NCDEX). 

Speculators reduced their positions on higher production hopes, amid weak trend at the spot market on increased supplies.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in January fell by Rs 6, or 0.46 per cent, to Rs 1,398 per quintal, with a business turnover of 5,110 lots.  

The wheat for delivery in February, however, edged up by Rs 5.20, or 0.38 per cent, to Rs 1,373 per quintal, with an open interest of 5,320 lots.

Market analysts said expectations of strong production prospects in the current rabi season due to favourable weather condition during crop formation period in producing regions, Haryana and Punjab, and weak trend at the physical market on sluggish demand, weighed on the wheat futures prices here.

 

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First Published: Jan 18 2011 | 3:13 PM IST

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