Chana futures decline on adequate supply

Chana futures declined by Rs 5 to Rs 2,603 per quintal in futures trade today on fresh selling by speculators, driven by sluggish demand in the spot market.

The adequate stocks position following increased arrivals from producing belts also put pressure on chana futures prices.

At the Multi Commodity Exchange, chana for delivery in July declined by Rs 5, or 0.19%, to Rs 2,603 per quintal, with an open interest for 2,30,970 lots.

Likewise, the commodity for delivery in June shed Rs 4, or 0.16%, to Rs 2,525 per quintal in 63,620 lots.

Traders said sluggish demand against adequate stock availability mainly led to the decline in chana futures price.