Chana recovers on expectations of a rise in spot demand

Chana prices recovered by Rs 4 to Rs 2,171 per quintal in futures trade today on anticipations of a rise in spot market demand during the on-going festival season.

Domestic demand is likely to get a boost due to the on-going festival season and coming marriage season.

Restricted arrivals in the physical market also influenced the chana prices at futures market.

At the Multi Commodity Exchange, chana for delivery in October month recovered by Rs 4, or 0.18 per cent to Rs 2,171 per quintal, with trading volume of 22 lots.

Market analysts said fresh positions created by speculators, buoyed by pick up in spot market demand due to the on-going festival season and coming marriage season against limited arrivals led to the recovery in chana prices at futures trade.