Chana extends decline, down 2.03% on increased supply

Traders trim positions as supplies pick up in physical market due to raids by authorities on hoarders

Chana prices moved down by 2.03 per cent to Rs 4,815 per quintal in futures trade today as traders reduced exposure amid increased supplies at the spot market after the government took steps to curb soaring prices.

At the National Commodity and Derivative Exchange, chana for delivery in November fell Rs 100, or 2.03 per cent, to Rs 4,815 per quintal with an open interest of 55,180 lots.

Similarly, the commodity for delivery in December contracts eased Rs 96, or 1.93 per cent, to Rs 4,874 per quintal in 50,410 lots.

Marketmen said trimming of exposure by traders triggered by pick-up in supplies in the physical market after the raids by authorities on hoarders mainly kept pressure on chana prices.

The government's decision to import more pulses too helped prices decline, they said.

Meanwhile, over 35,000 tonnes of pulses have been seized form 10 states in two days after state governments intensified crackdown against hoarding and blackmarketing of the commodity.