Chana futures gain on pick-up in spot demand

Chana futures prices rose by Rs 10 to Rs 2,334 per quintal today, largely on the back of pick-up in demand in the spot market for the festivals.

Fall in supplies from producing regions of Rajasthan and Gujarat further supported the uptrend in futures trade.

At the Multi Commodity Exchange counter, chana for November-month contract rose Rs 10, or 0.43 per cent, to Rs 2,334 per quintal, with a business volume of eight lots, while December delivery rose by Rs 5, or 0.21 per cent, to Rs 2,373 per quintal, clocking a trade volume of just one lot. 

Traders said speculators increasing their positions on hopes of a rise in demand in the spot market due to festival season, also supported futures prices here.