Wheat futures down on profit-booking subdued demand

NEW DELHI: Wheat prices declined by Rs 6 to Rs 1,629 per quintal in futures trade today as traders booked profits, tracking a weak trend in spot market on sluggish demand.

Adequate stocks availability in the physical market also influenced wheat prices at futures trade.

At the National Commodity and Derivatives Exchange, wheat for delivery in far-month March contracts declined by Rs 6, or 0.37 per cent to Rs 1,629 per quintal with an open interest of 2,210 lots.

Also, the wheat for delivery in February contracts traded lower by Rs 4, or 0.24 per cent, to Rs 1,658 per quintal in 2,920 lots.

Market analysts said traders locked in gains, tracking a weak trend at spot market on sluggish demand against adequate stocks position and this mainly influenced wheat prices at futures market.