Chana declines by 0.35% on increased supply

Good monsoon rains in growing regions fuelled the downtrend in chana prices at futures trade

Chana prices declined by Rs 11 to Rs 3,162 per quintal in futures trade today as speculators reduced their positions, driven by increased supplies at spot market.

 

Good monsoon rains in growing regions further fuelled the downtrend in chana prices at futures trade.

 

At the National Commodity and Derivatives Exchange, chana for delivery in August declined by Rs 11, or 0.35%, to Rs 3,162 per quintal, with an open interest of 58,010 lots.

 

Similarly, the commodity for delivery in July shed Rs 9, or 0.29%, to Rs 3,093 per quintal in 2,12,220 lots.

 

Market analysts said speculators trimmed their positions, driven by increased supplies from producing region amid good monsoon rains in growing areas mainly influenced chana prices at futures trading.