Chana remains firm on higher demand

July and August contracts gain 0.4% each on fresh positions by speculators, lower arrivals

Chana prices rose for the fifth straight session by adding Rs 19 to Rs 4,414 per quintal in futures trade today on rising demand amid lower inventories.

At the National Commodity Derivatives Exchange, chana for delivery in August rose by Rs 19, or 0.43%, to Rs 4,414 per quintal, with an open interest of 48,500 lots.

The July contract gained Rs 17, or 0.39%, to Rs 4,324 per quintal, with an open interest of 86,760 lots.

Analysts said increased buying by speculators on strong demand in the spot market mainly led to the rise in chana prices in futures trade.

They said restricted arrivals further supported the uptrend in chana prices.