Chana down 0.3% on increased supply

Chana prices weakened by 0.32% to Rs 3,096 per quintal in futures trading today following increased supplies at spot market against low demand.

 

Expectations of higher output this season on favourable weather conditions further fuelled the downtrend.

 

At the National Commodity and Derivatives Exchange, chana for delivery in December weakened by Rs 10, or 0.32%, to Rs 3,096 per quintal with an open interest of 88,000 lots.

 

Similarly, oil for delivery in January shed Rs 6, or 0.19% to Rs 3,198 per quintal in 51,400 lots.

 

Analysts said increased supplies from producing regions at spot market against low demand mainly put pressure on chana prices at futures trade.