Maize futures decline on weak spot markets cues

Written by Agencies | New Delhi | Updated: Jun 30 2011, 22:16pm hrs
Maize prices fell by Rs 16 to Rs 1,257.50 per quintal in futures trade on Thursday on the back of profit booking by traders driven by weak spot markets cues.

Market analysts said traders preferred to book profits on the back of increased arrivals, which led to the decline in maize futures prices.

Also, reduced offtake by stockist and bio-fuel making industries on existing high levels also influenced trading sentiments, they added.

At the National Commodity and Derivatives Exchange, maize for delivery in August fell by Rs 16, or 1.26 per cent, to Rs 1,257.50 per quintal, with an open interest of 10,820 lots.

Similarly, prices for delivery in July shed Rs 14, or 1.13 per cent, to Rs 1,226 per quintal in 18,300 lots.