Chana extend losses by 1.3% on monsoon rains

Better monsoon rains in growing regions, adequate stocks position in the spot market, mainly put pressure on Chana prices

Chana prices declined further by Rs 43 to Rs 3,051 per quintal in futures trade as speculators reduced positions amid monsoon rains in growing regions.

At the National Commodity and Derivatives Exchange, chana for delivery in August declined by Rs 43, or 1.38%, to Rs 3,051 per quintal, with an open interest of 1,61,960 lots.

Similarly, chana for delivery in the July declined by Rs 42, or 1.38%, to Rs 2,982 per quintal with open interest of 67,660 lots.

Marketmen said hopes of higher sowing this season following better monsoon rains in growing regions and adequate stocks position in the spot market, mainly put pressure on Chana prices.