Chana down 0.83% at Rs 3,111 a quintal

Traders reduce holdings on increased supply, weak demand in spot market

Chana prices moved down by 0.83 per cent to Rs 3,111 per quintal in futures trading today as speculators reduced their holdings, triggered by increased supplies at spot market against weak demand.
    
Expectations of higher output this season on favourable weather conditions further fuelled the downtrend.
    
At the National Commodity and Derivatives Exchange (NCDEX), chana for delivery in January moved down by Rs 26, or 0.83 per cent, to Rs 3,111 per quintal with an open interest of 58,630 lots.
    

The December contract shed by Rs 17, or 0.56 per cent, to Rs 3,011 per quintal in 70,960 lots.

    
Analysts attributed the fall in chana futures prices to increased supplies from producing regions against weak demand in the spot market.