Chana futures hit upper circuit on firming demand

Chana futures prices rose by Rs 126 to Rs 3,260 per quintal to hit a daily upper limit today, on strong consumer demand for the ongoing marriage season against tight supply in the spot market.

Amid a firming trend, all the three running contracts hit 4% daily upper limit set by the exchange to avoid any unwanted speculative rise.

Some inquiries from millers at lower levels amid fall in supplies from producing regions of Rajasthan and Gujarat further supported the uptrend in futures trade.

A steep rise in other other pulses further bolstered the trading sentiment.

At the National Commodity and Derivative exchange, chana for February contract spurted by Rs 126, or 4.02% to Rs 3,260 per quintal with open interest of 27,480 lots.

Similarly, the commodity for delivery in January traded Rs 125, or 4.02% higher, at Rs 3,232 per quintal, with an open interest of 99,660 lots, while December delivery rose by Rs 121, or 4.01% to Rs 3,138 per quintal with open interest of 1,35,490 lots.