Chana heads north

COMMODITY SPIKES

Pouring demands from millers have stoked bullish sentiments in the chana market. With festival season around the corner, demand for chana had started picking up, said market sources. However, commodity analysts said that uptrend may not continue for long.

Experts said that September futures, which last week jumped to close at Rs 2,363 a quintal, was likely to cross the Rs 2,400 a quintal level. Another market buzz suggests that weakening in the past two days has also helped chana scaling up.

"As pulses are imported with dollar pegged at Rs 40, the strengthening of the US currency against rupee is likely to bring sheen to chana market," said a Mumbai-based commodity analyst.

On the Ncdex, the September contract closed at Rs 2,363 a quintal on Saturday against the previous week's close of Rs 2,341, up 1 per cent.