Chana sheds 1.4% on profit-booking

Profit-booking by speculators and subdued demand in the spot market helped chana prices to trade lower

Chana prices shed 1.38% to Rs 4,215 per quintal in futures market today as speculators booked profits at existing higher levels, driven by subdued demand in the spot market.

However, estimates of fall in output this season capped the losses.

At the NCDEX, the May contract fell by Rs 59, or 1.38%, to Rs 4,215 per quintal with an open interest of 50,620 lots.

The June contract declined by Rs 56, or 1.28%, to Rs 4,335 per quintal with business volume of 90,590 lots.

Market analysts said profit-booking by speculators, subdued demand in the spot market helped chana prices to trade lower.