Wheat futures rise 0.56% on tight supply

Wheat prices rose by 0.56 per cent to Rs 1,783 per quintal in futures trade today as speculators built up fresh positions, triggered by tight supplies at spot market against pick up in demand from flour mills.

At the National Commodity and Derivatives Exchange, wheat for delivery in November went up by Rs 10, or 0.56 per cent, to Rs 1,783 per quintal, with an open interest of 8,150 lots.

Analysts said speculative positions built up by traders, triggered by tight stocks position following fall in arrivals in the physical markets against increased demand from flour mills led to rise in wheat prices at futures trade.