Chana futures hit upper limit, zooms 4% on strong demand

Extending rising streak for the third day, chana prices surged 4 per cent to hit upper circuit at Rs 8,045 per quintal in futures trade today as participants indulged in raising bets amid tight supplies in the spot markets against strong demand.
At the National Commodity and Derivatives Exchange, chana for delivery in August spurted by Rs 309 or 4 per cent to Rs 8,045 per quintal with an open interest of 3,270 lots.
The commodity for delivery in July edged higher by Rs 308 or 3.95 per cent to Rs 8,098 per quintal in 4,620 lots.
Analysts said a firming trend at the spot markets on strong demand and tight stocks position on restricted supplies from growing regions continued to influence chana prices at futures trade here.

Meanwhile, SEBI has barred launch of any fresh contracts in 'chana' in the futures markets and also asked investors wind down their existing positions.