Chana rises 0.5% on spot demand

Rising spot demand for the festive season supports rise

Chana prices rose by Rs 23 to Rs 4,522 per quintal in futures trade today as speculators enlarged positions, supported by a firm spot market trend on pick up in demand, driven by the ongoing festive season.

At the National Commodity and Derivatives Exchange, chana for delivery in December rose by Rs 23, or 0.51%, to Rs 4,522 per quintal, with an open interest of 77,840 lots.

November chana traded higher by Rs 3, or 0.06%, to Rs 4,706 per quintal in 75,580 lots.

Marketmen attributed the rise in chana prices at futures trade to creation of fresh positions by speculators following a firm trend at spot market on the back of rising demand.