Chana down 0.7% on higher output hopes

Commodity for delivery in December shed 0.48%

Chana prices fell by 0.79% to Rs 2,985 per quintal in futures trade today as speculators reduced holdings on hopes of higher output this season on favourable weather condition amid subdued demand.

At the National Commodity and Derivatives Exchange, chana for delivery in November fell by Rs 24, or 0.79%, to Rs 2,985 per quintal, with an open interest of 22,510 lots.

Likewise, the commodity for delivery in December shed Rs 15, or 0.48%, to Rs 3,096 per quintal, with an open interest of 88,110 lots.

Marketmen said besides hopes of higher output due to favourable weather conditions, subdued demand in the spot market influenced chana prices at futures market.