Chana dips 1.53% on hopes of higher sowing

Improved rains in producing regions influence prices

Chana prices dipped by Rs 69 to Rs 4,450 per quintal in futures trade today as speculators offloaded their positions after improved rains boosted hopes of higher sowing.

At the National Commodity and Derivatives Exchange, chana for delivery in September shed Rs 69, or 1.53%, to Rs 4,450 per quintal, with an open interest of 15,630 lots.

October chana lost Rs 54, or 1.23%, to Rs 4,345 per quintal, with an open interest of 80,860 lots.

Marketmen attributed the fall in chana futures prices to offloading of positions by speculators as improved rains in producing regions raised prospects of higher sowing.