Chana futures remain weak on higher supply

Continuing its losing streak for the third day, chana prices fell by another 0.33% to Rs 5,062 per quintal in futures trade today as traders cut down their exposure amid pick-up in supplies in the physical market after the government took steps to curb soaring prices.

At National Commodity and Derivative Exchange, chana for delivery in October month declined Rs 17, or 0.33%, to Rs 5,062 per quintal with an open interest of 59,710 lots.

Also, the commodity for delivery in November contracts eased Rs 13, or 0.25%, to Rs 5,105 per quintal in 44,480 lots.

Marketmen said offloading of positions by traders was triggered by improved supplies after the government announced a series of measures to curb soaring pulse prices and intensified anti-hoarding operations.

They said reports of raids on hoarders in some states too helped prices decline.

Meanwhile, in a bid to control the spiraling prices of pulses, the Maharashtra government yesterday conducted 276 raids in 16 districts to check hoarding and black-marketing of the commodity in the state.