Potato down over 2% on reduce offtake

Written by Agencies | New Delhi | Updated: Mar 31 2011, 19:57pm hrs
Potato prices fell by Rs 11.50 to Rs 556 per quintal in futures trade on Thursday as speculators reduced their positions, driven by poor offtake in the spot market.

Fresh arrivals from producing belts also put pressure on the potato futures prices.

At the Multi Commodity exchange, potato for delivery in June fell by Rs 11.50, or 2.02 per cent, to Rs 556 per quintal, with a business volume of 47 lots.

The potato for delivery in May contract declined by Rs 10.50, or 1.81 per cent, to Rs 567 per quintal, with am open interest of 172 lots.

Likewise, the commodity for delivery in April traded lower by Rs 10.60, or 1.76 per cent, to Rs 591.30 per quintal, with a business turnover of 214 lots.

Traders attributed the fall in potato futures prices to off-loading of positions by speculators, driven by subdued demand in the spot market.