Chana rises on spot demand

November and December contracts gain 0.47% and 0.39% respectively, as lower arrivals fuel uptrend

Chana prices rose by Rs 22 to Rs 4,721 per quintal futures trade today as the traders enlarged positions, tracking a firming spot markets trend on strong festive demand.

Less arrivals of the commodity from producing regions and lower estimated output also influenced the chana prices.

At the National Commodity and Derivatives Exchange, chana for delivery in November rose by Rs 22, or 0.47 per cent, to Rs 4,721 per quintal, with an open interest of 66,040 lots.

December chana moved up by Rs 17, or 0.39 per cent, to Rs 4,373 per quintal, in 73,220 lots.

Marketmen said fresh positions created by speculators on the back of a firming trend at the spot markets on strong demand, mainly pushed up chana prices at futures market.