Chana surges 1.6% on festive demand

Tight stocks, lower arrivals influence prices

Chana prices surged by Rs 75 to Rs 4,699 per quintal in futures trade today as speculators enlarged positions, tracking a firm spot market trend on strong festive season demand.

Tight stocks availability in the physical market following thin arrivals from producing belts supported the uptrend in chana futures.

At the National Commodity and Derivatives Exchange, chana for delivery in November surged by Rs 75, or 1.62%, to Rs 4,699 per quintal, with an open interest of 71,380 lots.

December chana jumped up by Rs 50, or 1.15%, to Rs 4,385 per quintal, with an open interest of 77,630 lots.

 

Marketmen said apart from a firm trend at spot market on strong festive demand, restricted arrivals from producing region pushed up chana prices at futures trade.