Chana futures down on sluggish demand

Chana prices fell by Rs 11 to Rs 2,504 per quintal in futures trade today as speculators indulged in profit-taking at existing higher levels driven by a sluggish demand in physical market.

Favourable monsoon predictions, high arrivals and low domestic demand kept pressure on the market sentiments. 

At the National Commodity and Derivatives Exchange, chana for delivery in July fell by Rs 11, or 0.44% to Rs 2,504 per quintal, with an open interest of 70,060 lots.

Chana for delivery in June declined by Rs 10, or 0.10% to Rs 2,435 per quintal, with an open interest of 1,30,900 lots.

Likewise, its prices for delivery in May eased by Rs 9, or 0.38% to Rs 2,357 per quintal, with an open interest of 1,35,650 lots.

Traders said sluggish demand in the domestic market against increased arrivals from Madhya Pradesh and Rajasthan, led to the fall in chana prices at the futures market.