Chana futures weakens on profit taking

Chana prices dipped by Rs 11 to Rs 2,161 per 100 kg in futures today, as speculators preferred to book profits at higher levels, triggered by subdued demand in the spot market.

Projections of a higher kharif pulses production and rising arrivals from producing regions of Rajasthan and Gujarat also put pressure on trading in chana futures.

At the Multi Commodity Exchange platform, chana for October-month contract declined by Rs 11, or 0.50 per cent, to Rs 2,161 per 100 kg, with a business turnover of 12 lots, while November delivery eased by Rs 5, or 0.22 per cent, to Rs 2,256 per 10 kg, with a business volume of five lots.

Marketmen said subdued demand against adequate supplies in the physical markets mainly led to a fall in chana prices at futures market.

They said reports of higher kharif pulses production this season and increased arrivals further fueled the downtrend.