Chana up 1.61% on rising demand

Participants widen positions as restricted supplies from growing areas fuel uptrend

Buoyed by rising spot demand and restricted arrivals from producing belts, chana prices shot up by 1.61 per cent to Rs 4,856 per quintal in futures trade today as participants widened their positions.

Also, covering-up of short positions by speculators supported the upside.

At the National Commodity and Derivatives Exchange, chana for delivery in December month rebounded Rs 77 or 1.61 per cent to Rs 4,856 per quintal with an open interest of 54,660 lots.

The November contract traded higher by Rs 72 or 1.53 per cent to Rs 4,773 per quintal in 32,100 lots.

Analysts attributed the recovery in chana prices to increased positions built up by speculators driven by pick up in spot demand against restricted supplies from producing belts.