Wheat futures hit upper limit, rises 4 per cent on short-covering
Wheat futures climbed 4 per cent to hit the upper limit on the Multi Commodity Exchange today on the back of covering-up of short positions by traders amid good demand in the spot market.
By PTI |
NEW DELHI: Wheat futures climbed 4 per cent to hit the upper limit on the Multi Commodity Exchange today on the back of covering-up of short positions by traders amid good demand in the spot market.
At the MCX, wheat for delivery in December contract shot up 4 per cent to hit the upper limit at Rs 1,320.80 per quintal in a turnover of 11 lots.
Wheat for delivery in October contract rose by 2.04 per cent to Rs 1,310 per quintal with business turnover in 2 lots, while the November contract gained 3.84 per cent at Rs 1,327.50 per quintal.
Analysts said besides covering-up of short positions, firming trend in wheat at spot markets following demand against tight supply mainly pushed up wheat prices at futures market.
Expectations that the government may release wheat stocks in open market in coming months, however, capped gains at futures market.
At the MCX, wheat for delivery in December contract shot up 4 per cent to hit the upper limit at Rs 1,320.80 per quintal in a turnover of 11 lots.
Wheat for delivery in October contract rose by 2.04 per cent to Rs 1,310 per quintal with business turnover in 2 lots, while the November contract gained 3.84 per cent at Rs 1,327.50 per quintal.
Analysts said besides covering-up of short positions, firming trend in wheat at spot markets following demand against tight supply mainly pushed up wheat prices at futures market.
Expectations that the government may release wheat stocks in open market in coming months, however, capped gains at futures market.
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