Chana surges on spot demand, thin supply

July, August contracts surge almost 1.5% ahead of festive season

Chana prices surged by Rs 74 to Rs 4,821 per quintal in futures trade today on pick up in demand in the spot market ahead of festive season amid thin supplies.

At the National Commodity Derivatives Exchange, chana for delivery in July surged by Rs 74, or 1.56%, to Rs 4,821 per quintal, with an open interest of 2,090 lots.

August chana jumped up by Rs 69, or 1.44%, to Rs 4,877 per quintal in 1,03,560 lots.

Traders said pickup in demand in spot market for the festive season and reports of deficient rains in growing regions mainly led to an upsurge in chana prices at futures trade.