Chana extends losses on increased supply

Sheds almost 2% as traders offload positions following higher arrivals from growing areas

Chana prices fell further by 1.85 per cent to Rs 2,923 per quintal in futures trade today as speculators offloaded positions, triggered by increased supplies from producing regions.

At the National Commodity and Derivative Exchange, chana for delivery in June shed Rs 55, or 1.85 per cent to Rs 2,923 per quintal with an open interest of 1,56,330 lots.

The May contract lost Rs 49, or 1.68 per cent to Rs 2,875 per quintal in 1,130 lots.

Analysts said the fall in chana prices at futures trade was due to offloading of positions by speculators amid increased supplies from producing regions against weak demand in the spot market.