Continuing its rising streak for the fifth straight day, wheat prices advanced by 1.99 per cent to Rs 1,845 per quintal in futures trading today as participants engaged in enlarging their positions, tracking a firm trend at spot market on rising demand from flour mills.
Furthermore, tight stocks position on fall in supplies also weighed on prices.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month December shot up by Rs 36, or 1.99 per cent to Rs 1,845 per quintal with an open interest of 690 lots.
Likewise, the wheat for delivery in November contracts went up by Rs 19, or 1.05 per cent to Rs 1,825 per quintal in 10,010 lots.
Analysts said expanding of positions by traders, driven by pick up in demand from flour mills in the physical market against tight stocks position on pause in arrivals kept wheat prices higher at futures trade.
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