Wheat futures up over 1 pc on seasonal demand

NEW DELHI: Wheat futures prices rose by 1.08 per cent to Rs 1,597 per quintal today as participants created speculative positions supported by a surge in demand for the ongoing festive and marriage season.

At the National Commodity and Derivatives Exchange, wheat for delivery in December shot up by Rs 17, or 1.08 per cent, to Rs 1,597 per quintal, with an open interest of 10,880 lots.

The wheat for delivery in November also gained Rs 14, or 0.90 per cent, to Rs 1,576 per quintal, with an open interest of 15,690 lots.

Marketmen attributed the persistent rise in wheat prices at futures trade to positions built up by speculators as demand for the grain picked-up in spot markets for the ongoing marriage and festive season.