Chana remain weak by 1.1% on supply pressure

Chana for delivery in August contract lost 0.31%

Continued its losing streak, chana prices fell further by Rs 34 to Rs 3,063 per quintal in futures trading today as speculators engaged in trimming positions, driven by higher supplies from producing regions.

Besides, subdued demand in the spot market also put pressure.

At the National Commodity and Derivative Exchange, chana for delivery in July month fell further by Rs 34, or 1.10% to Rs 3,063 per quintal with an open interest of 1,17,940 lots.

Similarly, chana for delivery in August contract lost Rs 31, or 0.31% to Rs 3,138 per quintal in 1,17,650 lots.

Market analysts said speculators trimmed their positions. driven by higher supplies from producing regions amid reports of good progress in the summer sowing of pulses on ample monsoon rains, kept pressure on chana prices at futures trade.