Chana up on spot demand

Chana prices rose by Rs 17 to Rs 4,369 per quintal in futures market today as speculators enlarged their positions on hopes a rise in demand ahead of the festive season.

Slow progress of monsoon rains in key growing areas also influenced chana prices.

At the National Commodity and Derivatives Exchange, chana for delivery in July rose by Rs 17, or 0.39%, to Rs 4,369 per quintal, with an open interest of 30,160 lots.

The August contract moved up by Rs 14, or 0.31%, to Rs 4,460 per quintal in 97,220 lots.

Market analysts said increased buying by speculators on the back of a rise in demand in the spot market ahead of festive season mainly led to a rise in chana prices at futures trade. PTI KPS SUN RS
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