Chana falls 1.64% on profit-booking

Subdued demand in the spot market at existing higher levels also led to the price fall

Chana prices fell by Rs 66 to Rs 3,959 per quintal in futures market today, as speculators booked profits, driven by a weak trend at the spot market on subdued demand.

Expectations of higher production this season also put pressure on the chana futures prices.

At the National Commodity and Derivative Exchange, the January contract fell by Rs 66, or 1.64%, to Rs 3,959 per quintal, with an open interest of 63,490 lots.

Similarly, the April contract lost Rs 34, or 0.93%, to Rs 3,605 per quintal, with a trade volume of 32,440 lots.

Traders said besides profit-booking by speculators, subdued demand in the spot market at existing higher levels led to the fall in chana prices at futures trade.

They said hopes of an increase in the seeded area and likelihood of higher imports further influenced the market sentiment.