Chana futures up 0.55 pc on spot demand

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SummaryChana prices rose by Rs 25 to Rs 4,597 per quintal in futures trading.

Chana prices rose by Rs 25 to Rs 4,597 per quintal in futures trading today as speculators enlarged their positions on expectations of a rise in spot demand during festival season.

Restricted arrivals of the commodity in the physical market due to lower estimated output also influenced chana prices.

At the National Commodity and Derivatives Exchange, chana for September delivery gained Rs 25, or 0.55 per cent, to Rs 4,597 per quintal, with an open interest of 10,280 lots.

Similarly, the commodity for delivery in October traded higher by Rs 3, or 0.07 per cent, to Rs 4,491 per quintal, with an open interest of 77,010 lots.

Marketmen said increased buying by speculators on expectations of pick up in demand for the upcoming festive season amid lower arrivals from producing belts mainly led to a rise in chana prices at futures trade.

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