Chana futures rises on firm spot market demand

Chana prices rose by Rs 25 to Rs 3,337 per quintal in futures trade today as speculators enlarged their positions, driven by strong demand in the spot market amid the ongoing festive season.

At the National Commodity and Derivatives Exchange, September chana rose by Rs 25, or 0.75%, to Rs 3,337 per quintal, with an open interest for 2,52,270 lots.

The October contract gained Rs 24, or 0.70%, to Rs 3,432 per quintal, with an open interest for 1,97,700 lots, while November delivery chana climbed by Rs 21, or 0.60%, to Rs 3,508 per quintal in 70,540 lots.

Traders said speculators increasing their positions on hopes of a rise in demand in the spot market due to the ongoing festive season was responsible for the upward movement in chana futures prices.