Chana futures extend gain, up 1.59% on strong demand

Continuing its rising streak for the second day, chana prices shot up by another 1.59 per cent to Rs 5,759 per quintal in futures trade today as participants engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.
Besides, tight stocks position on fall in supplies from producing regions and enquiries from dal mills fuelled the uptrend.
At the National Commodity and Derivatives Exchange, chana for delivery in September month jumped up by Rs 90, or 1.59 per cent, to Rs 5,759 per quintal with an open interest of 18,690 lots.
In a similar fashion, the commodity for delivery in October gained Rs 86, or 1.54 per cent, to Rs 5,668 per quintal in 14,170 lots.

Analysts said expanding of positions by traders, driven by strong demand in the physical markets against tight stocks position on decline in arrivals from producing belts mainly kept chana prices higher at futures trade.