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Potato futures rises 1.28% on rising demand; tight supply

potatoes

potatoesNew Delhi: Potato futures traded 1.28 per cent higher at Rs 1,288.90 per quintal today after speculators enlarged positions amid rising demand against restricted supplies in the spot markets even as the government slapped a minimum export price to curb rising prices.

At the Multi Commodity Exchange, Potato for delivery in June contracts climbed Rs 16.40, or 1.28 per cent to Rs 1,288.90 per quintal in seven lots.

Likewise, potato for delivery in July month cotnracts traded Rs 7.40, or 0.59 per cent higher at Rs 1,255 per quintal in a turnover of five lots.

Analysts said despite government’s decision to slap a minimum export price (MEP) on potatoes to increase domestic availability and check prices, speculators indulged in enlarging positions on the back of rising demand in the spot market against tight supplies from producing belts mainly pushed up potato prices at futures trade.

Meanwhile, the government today slapped a minimum export price (MEP) of USD 450 per tonne on potatoes to increase domestic availability and cool prices.

PTI

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