Chana looks firm

COMMODITY SPIKES

Last week saw chana futures showing weakening signals only to firm up later. The market slipped below Rs 2,300 a quintal mark. According to commodity analysts, demand for chana in physical markets across the country is steady. They added that it would go up as festive seasons were round the corner.

Yellow peas, a cheaper substitute of chana, is playing an important role in keeping a check on the latter's prices. Last week the near-month contract of chana ended on the higher side, signalling that demand was expected to be steady in the domestic market. Sowing will start by next month and the new crop will hit the market in February next year.

On the National Commodity and Derivatives Exchange, the October contract closed on Saturday at Rs 2,312 a quintal against the previous close of Rs 2,295. However, compared with the previous week's close of Rs 2,348, the market was down by Rs 36 a quintal.