Wheat futures gain 3.38% on fresh buying

NEW DELHI: Wheat prices surged 3.38 per cent to Rs 1530 per quintal in futures trading today as speculators created fresh positions, driven by increased offtake by flour mills.

However, higher supplies in the physical market amid arrival of new crop from producing regions, restricted the upside.

At the National Commodity and Derivatives Exchange, wheat for delivery in June shot up by Rs 50, or 3.38 per cent, to Rs 1,530 per quintal with an open interest of 17,060 lots.

Similarly, the wheat for delivery in the May contract gained Rs 49, or 3.36 per cent, to Rs 1,508 per quintal in 13,710 lots.

Market analysts attributed the rise in wheat futures to speculators created fresh positions, driven by increased offtake by flour mills but arrivals of new crop in the spot market, limited the gains.