Chana prices weaken on profit-booking

Less stocks, spot demand stem losses

Chana prices declined by Rs 6 to Rs 4,900 per quintal in futures trading today on continued profit-booking by speculators. Improved spot demand ahead of festivals and thin stocks, however, limited the losses.

At the National Commodity and Derivatives Exchange, chana for delivery in September fell further by Rs 6, or 0.12%, to Rs 4,900 per quintal with an open interest of 36,100 lots.

The August contract traded lower by Rs 4, or 0.08%, to Rs 4,808 per quintal in 90,910 lots.

Market analysts said profit-booking by speculators at high levels kept pressure on chana prices at futures trade.