Chana rises 0.5% on festive demand

Hopes of higher sowing restricts gains

Chana prices moved up by Rs 23 to Rs 4,545 per quintal in futures trade today as speculators enlarged positions on hopes a rise in demand during the festive season.

Higher sowing hopes due to late revival of monsoon rains in producing regions restricted the gains.

At the National Commodity and Derivatives Exchange, chana for delivery in December moved up by Rs 23, or 0.51%, to Rs 4,545 per quintal, with an open interest of 56,580 lots.

November chana edged up by Rs 3, or 0.06%, to Rs 4,729 per quintal, with an open interest of 86,680 lots.

Marketmen attributed the said the rise in chana prices at futures trade to rising demand at spot markets for the ongoing festive season.