Friday, October 11, 2013

Maize down 1.6% on rising inventories

December contract weakened by 1.53%

Maize prices declined by Rs 20 to Rs 1,212 per quintal in futures trade today as traders offloaded their holdings in the wake of weak domestic and overseas markets sentiment.

Marketmen said fresh supply of new crops in the markets increased the stockpiles and put pressure on the prices.

Fall in its prices at global markets also influenced the market sentiment, they said.

At the National Commodity and Derivatives Exchange, maize prices for most active near November month fell by Rs 20, or 1.62%, to Rs 1,212 per quintal, with an open interest of 34,190 lots.

December contract weakened by Rs 19, or 1.53%, to Rs 1,222 per quintal, clocking an open interest of 10,580 lots.

Current October contract eased by Rs 12, or 0.92%, to Rs 1,296 per quintal, depicting an open interest of 9,480 lots.

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