Chana futures gain 0.53% on lower output estimates

Chana prices edged higher by 0.53 per cent to Rs 4,578 per quintal in futures trade today as speculators indulged in creating fresh positions amid lower output estimates due to unseasonal rainfall in key growing belts.
Also, rising demand in the spot market fuelled the uptrend.
At National Commodity and Derivatives Exchange, chana for delivery in May month rose by Rs 24, or 0.53 per cent to Rs 4,578 per quintal with an open interest of 15,470 lots.
Likewise, the commodity for delivery in June contracts traded higher by Rs 13, or 0.28 per cent to Rs 4,665 per quintal in 1,25,660 lots.

Analysts said speculative positions built up by participants supported by lower output estimates following unseasonal rains in key producing areas, mainly led to a rise in chana prices at futures trade.