India wheat June NCDEX futures likely down on increased
local supplies; Food Corporation of India bought record 24 million metric tons
wheat April 1-June 4, suggesting huge oversupply in market. "Market will be
subdued as demand still remains low and trading will be rangebound," says
trader; tips INR1,088-INR1,105/100 kg band vs INR1,098.00 last close. Volume
expected to shift to July contract before June expiry on June 19; open interest
for July at 7190 tons vs July 6350 tons.
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