New Delhi: Wheat prices drifted down by 0.96 per cent to Rs 1,645 per quintal in futures trade today as speculators engaged in reducing exposure amid sufficient stocks at spot markets on higher supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in April fell by Rs 16, or 0.96 per cent to Rs 1,645 per quintal with an open interest of 2,450 lots. Similarly, the wheat for delivery in May contract weakened by Rs 5, or 0.30 per cent to Rs 1,687 per quintal in 1,340 lots.
Market analysts said offloading of positions by traders, triggered by ample stocks position on increased arrivals from producing belts against muted demand, mainly kept pressure on wheat prices at futures trade.
