Chana gain 1.11% on tight supplies

Increased positions pushed prices higher

Chana prices firmed 1.11% to Rs 4,115 per quintal in futures trade today as speculators enlarged their positions, driven by lower supplies from producing belts.

At the National Commodity Derivatives Exchange, chana for delivery in June rose by Rs 45, or 1.11%, to Rs 4,115 per quintal with an open interest of 8,330 lots.

The July contract edged up by Rs 40, or 0.97%, to Rs 4,144 per quintal in 1,05,430 lots.

Analysts said besides fresh positions created by speculators, restricted supplies in the physical market mainly attributed the upsurge in chana futures but sluggish demand in the spot markets capped the gains.