Wheat up 1.6% as demand picks up

Commodity for delivery in October contracts traded higher by Rs 13, or 0.75%

Wheat futures traded higher by 1.57 per cent to Rs 1,747 per quintal today as speculators built up fresh positions, driven by pick-up in demand at the spot market against tight supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in September rose by Rs 27, or 1.57 per cent to Rs 1,747 per quintal with an open interest of 3,430 lots.

Similarly, the wheat for delivery in October contracts traded higher by Rs 13, or 0.75 per cent to Rs 1,738 per quintal in 15,900 lots.

Analysts said speculative positions created by traders amid pick up in demand from flour mills in the spot market against tight arrivals led to rise in wheat prices at futures trade.