Bullish trend likely to continue in wheat market Karnal, Oct. 5: The bullish trend in the wheat market continue with prices of dara variety moving up further by Rs 10 a quintal on Friday. Radhey Sham, a trade expert, told Business Line that domestic demand for flour is supporting the market and may continue to rule around current levels for the next few days without much fluctuation, he added. In the physical market, dara wheat moved up by Rs 10 and quoted at Rs 1,530-40 a quintal. Around 1,200 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at Rs 1,530 while delivery at the chakki was at Rs 1,540. Wheat futures witnessed a fall on the NCDEX on Friday. Wheat for October delivery lost Rs 12 at Rs 1,534 with an open interest of 4,260 lots. The grain touched a high of Rs 1,546 earlier in the day. October contracts have some support at Rs 1,530, while resistance is at Rs 1,565. November contracts eased by Rs 7 to Rs 1,553. Market may continue to witness a range-bound to weak movement in the coming days, said market experts. In the spot market, prices dropped by Rs 35.50 to Rs 1,564.50 a quintal.
Posted on: Sat, 05 Oct 2013 05:12:49 +0000
Trending Topics
Recently Viewed Topics
© 2015