Chana futures remain weak, shed 0.47% on higher supply

Chana extended its weakness for the second straight day and prices dropped by another 0.47 per cent to Rs 5,080 per quintal in futures trade today as traders trimmed positions amid higher supplies in the spot markets from producing regions.
At the National Commodity and Derivatives Exchange, chana for delivery in December month declined by Rs 24, or 0.47 per cent to Rs 5,080 per quintal with an open interest of 38,970 lots.
Similarly, the commodity for delivery in far-month January 2016 shed Rs 14, or 0.29 per cent to Rs 4,880 per quintal in 28,630 lots.
Marketmen attributed the fall in chana prices at futures trade to higher supplies from producing belts in the physical market on the back of government measures to imporove supplies in the physical markets to curb rising prices amid muted demand at prevailing levels.