Chana recovers on firm spot demand

Chana prices recovered by Rs 16, or 0.74 per cent, to Rs 2,159 per quintal in futures trade today, as speculators enlarged their positions, supported by pick up in demand in the spot market.

Restricted arrivals in the physical market influenced the chana prices at futures market.

At the Multi commodity Exchange platform, chana for delivery in September delivery recovered by Rs 16, or 0.74 per cent, to Rs 2,159 per quintal, with a trading volume of 28 lots. 

The commodity for delivery in October also traded higher by Rs 10, or 0.45 per cent, to Rs 2,195 per quintal, with an open interest of two lots.

Market analysts said fresh positions created by speculators, buoyed by pick up in demand in the spot market against limited arrivals mainly led to a recovery in chana prices at futures trade.