Chana futures extend losses on subdued demand

For the second straight day, chana prices drifted lower 1.03 per cent to Rs 4,626 per quintal in futures trade today as participants took to reducing positions due to subdued demand in the spot market.
However, lower output estimates this marketing year capped losses.
At National Commodity and Derivative Exchange, chana for delivery in July fell Rs 48, or 1.03 per cent, to Rs 4,626 per quintal with an open interest of 1,62,570 lots.
On similar lines, the commodity for delivery in June contracts dropped Rs 37, or 0.80 per cent, to Rs 4,584 per quintal in 14,650 lots.
Analysts said besides subdued demand in the spot market, adequate stock position mainly kept pressure.