Chana remains weak on sluggish spot demand

Feb, March contracts lose 0.47% and 0.31% respectively, increased supplies add to downward pressure[

Chana prices were down by 0.47 per cent to Rs 3,355 per quintal in futures trade today as participants reduced positions, tracking a weak trend at spot market on subdued demand.

Besides, adequate stocks position in the physical market on increased supplies from producing belts put pressure on chana.

At the National Commodity and Derivative Exchange, chana for delivery in February fell by Rs 16, or 0.47 per cent to Rs 3,355 per quintal with an open interest of 1,06,890 lots.

The March contract traded lower by Rs 11, or 0.31 per cent to Rs 3,512 per quintal in 50,580 lots.

Analysts said offloading of positions by speculators due to low demand in the spot market against adequate stocks position on higher supplies from producing belts kept chana prices lower at futures trade.